Report comes day ahead of carmaker’s expected IPO filing
DETROIT — General Motors posted its biggest quarterly profit in six years on Thursday, a day ahead of an expected IPO filing that would open the gates for the U.S. government to slash its stake in the automaker
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The top U.S. automaker reported second-quarter net earnings of $1.3 billion, compared with $865 million in the first quarter. The second-quarter profit was the largest since 2004.
Revenue rose to $33.2 billion from $31.5 billion in the first quarter, boosted by stronger results in North America.
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5 comments:
Oh sure, they spin off their debt, reorganize, and suddenly they are profitable! Don't you wish you could run your household like that?!
Its called Chapter 11.
wow this just proves my idea that americans are stupid and keep buying GM garbage .... if ya must buy a US car at least buy a Ford .... or better yet a German car of any make
Ford? Haha! Our company can't keep a Ford running.
This was not a "normal" Chapter 11. The GM CEO just resigned to be replaced by a board member from the Carlyle Group. Further, talk is of an IPO later this year.
I think an IPO will happen bringing cents to a dollar of assets. The buyer of the controlling shares will sell off what he can to make a profit. They won't owe the Government anything and the UAW won't have enough money to fund their pensions (again).
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