GM Reports Q2 Earnings: $1.3 Billion PROFIT

[FenwickHockey65]

GM Second Quarter 2010 Results Show Sustained Progress
Link to Press Release

August 12, 2010

* GM achieves second consecutive quarter of profitability and positive cash flow
* Net income of $1.3 billion and EPS of $2.55, free cash flow of $2.8 billion


DETROIT, Mich. – General Motors Company today announced its second quarter 2010 results, marked by revenue of $33.2 billion and net income attributable to common stockholders of $1.3 billion, resulting in earnings per share on a diluted basis of $2.55. GM’s second quarter earnings before interest and tax (EBIT) was $2.0 billion.

GM North America had EBIT in the second quarter 2010 of $1.6 billion, up from $1.2 billion in the first quarter. GM Europe had a loss before interest and taxes of $0.2 billion, an improvement of $0.3 billion from the first quarter. GM International Operations posted EBIT of $0.7 billion, down from $1.2 billion in the first quarter.

Cash flow from operating activities was $3.9 billion and after adjusting for capital expenditures of $1.1 billion, free cash flow was $2.8 billion. GM ended the second quarter with $32.5 billion in cash and marketable securities, including funds in the Canadian Health Care Trust escrow.

“I am pleased with our progress on achieving our business objectives,” said Chris Liddell, vice chairman and chief financial officer. “We have delivered strong product, maintained cost discipline, progressed strategic initiatives such as restructuring Europe and acquiring AmeriCredit, and delivered two consecutive quarters of profitability and positive cash flow.”

[ViperTomcat]

Great news!

[mlee]

Very Nice... Thanks for the update Fen...

[Sax1031]

great news

[Georgie]

sweeeeeeeeeeeeeeeeeeeeeeeeeet

[jrc1122]

http://news.yahoo.com/s/ap/us_earns_gm

But it's unclear if the recent record of profits — $2.2 billion for the first half of 2010 — is enough to convince investors. GM lost $88 billion in the five years before it filed for bankruptcy protection last June.
Although GM is performing well, the timing still isn't right for it to sell shares in the next few months because of the sputtering economy, said Scott Sweet, senior managing partner of IPO Boutique in Tampa, Florida, which advises investors on IPOs.

cool -- they only need to make 75.8 BILLION more - to break even for the past 5 years.

A Small step in the right direction though, no doubt.

[ghazzi1397]

Niceeeeee!!

[bigearl]

Excellent. Nice to hear some good economic news these days.

[Edge.128]

great news!!

[CaniacFan]

Thankx Fen for the update - we count on you, being our resident "GM" go-to guy.

[GEEo]

Good news for GM! future for the camaro's is lookin good

[DragonCamaro]

getting out from under those old loans and crap that cost them a lot helps.

[Txmxracer]

Awesome!!

[canadian ss]

I'm sure pricing their vehicles a little better had some to do with it. Price the 4th gen camaro back in the day to todays and see the difference. Better car + less money = sale.