Detroit automaker says it earned $865 million from January through March
DETROIT - General Motors Co. rode expense cuts from its bankruptcy and strong sales of redesigned models to its first quarterly net income in nearly three years.
The $865 million first-quarter profit is a dramatic reversal from the huge $6 billion loss in the same period last year. The last time the company made a quarterly profit was the second quarter of 2007, when it earned $891 million.
The Detroit automaker said it made money because debt and other expenses were slashed by its stay in bankruptcy court, and because of strong new-model sales. It also generated higher revenue from fast growth in Asia and South America.
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They also say they've paid back the gov't 100%. Of course, they(and our elected officials) declined to mention that while they've bad back 5ish billion, they recieved over 45 billion. My Grandma had to choose between her pension and her healthcare, being in a good financial position she chose the healthcare. Eventually she lost both(along with a few other relatives in similar situations). GM won't get any business from us. Thankfully we're smart investors, meaning we didn't own GM stock!
ReplyDeleteGovernment Motors is a freak en joke
ReplyDeleteI will never buy a GM product again.