GM profits surge to $3.2 billion in first quarter

GM profits surge to $3.2 billion in first quarter
Mike Colias
Automotive News | May 5, 2011 – 7:30 am EST

DETROIT — General Motors today posted net income of $3.2 billion for the first quarter, its fifth straight quarterly profit since emerging from bankruptcy.
Stripping out one-time charges and gains, including $1.6 billion in income from the March sale of GM’s ownership in Delphi Automotive, GM earned $2 billion. GM’s net income for the January-through-March period a year earlier was $865 million.
Revenue grew 15 percent, to $36.2 billion.
“We are on plan,” GM CEO Dan Akerson said in a statement. “GM has delivered five consecutive profitable quarters, thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth.”
Strong demand in North America led the way. Earnings in the region more than doubled to $2.9 billion, compared with $1.2 billion during the same quarter last year. GM said it expects North American profits to improve over the rest of the year thanks to better pricing and cost cuts.

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