GM's Earnings Nearly Double in the Second Quarter

Aug. 4, 2011
Automaker's 'investments in fuel economy, design and quality are paying off.'

General Motors said its profits had nearly doubled in the second quarter, confirming its climb out of bankruptcy and showing it continued to sell cars despite a downturn in consumer spending.

Net income for the quarter to June hit a better-than-expected $2.5 billion, or $1.54 a share, up 89% from $1.3 billion a year earlier, the company said.

Total revenue grew $6.2 billion to $39.4 billion, the company said, with pre-tax adjusted revenues in the key North America division up $600 million to $2.2 billion.

The company said it expects second-half earnings will be "modestly" lower than the first half, but that the full-year picture "will show solid improvement over 2010."

"GM's investments in fuel economy, design and quality are paying off around the world as our global market share growth and financial results bear out," CEO Dan Akerson said.

Copyright Agence France-Presse, 2011

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