GM posts largest quarterly profit in six years
By Gary Linnell
ProWEB Wire (Industry News)
General Motors today posted its largest quarterly profit since 2004, reporting second-quarter net earnings of $1.3 billion, compared with $865 million during the first quarter.
The U.S. auto market continues to do well, with annual sales of nearly 17 million vehicles. GM brands have accounted for more than one-quarter of new cars and trucks for the period.
GM has experienced a 47 percent recovery in global production from levels seen one year earlier, when the automaker was forced to operate under bankruptcy protection as part of a restructuring that included $50 billion in funding from the U.S. government.
The company's revenue increased to $33.2 billion from $31.5 billion during the previous quarter.