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Politics : Formerly About Advanced Micro Devices

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To: i-node who wrote (566632)	5/17/2010 8:46:13 AM
From: Alighieri	Read Replies (1) of 1579462

Bad news inode.... Al ==================================================== GM Reports First Quarterly Profit Since '07 By SHARON TERLEP General Motors Co. earned $865 million in the first quarter as strengthening sales and savings won through bankruptcy helped drive to auto maker to its first quarterly profit since 2007. The auto maker made an operating profit of $1.2 billion and generated $1 billion in cash. Global revenue grew 40% from a year ago to $31.5 billion, as the auto maker increased production 57% world-wide from a year ago. The results compare to a year earlier, when GM lost $6 billion as it slid into bankruptcy. Increased revenue propelled GM to a profit in the key North American market, where the auto maker made $1.1 billion. Meantime, savings from massive layoffs, factory closings and billions in debt shed through a government-funded bankruptcy drove down GM's costs. GM finance chief Chris Liddell said the results are driven by increased production in North America and growth in emerging global markets. World-wide sales rose 24%. "These are all important steps as we lay the foundation for a successful GM," he said in a statement. GM's gain attributable to stockholders was $1.1 billion before preferred dividends to the company's preferred shareholders, which are the U.S. Treasury, the Canadian government and a union-run retiree trust. The results mark GM's first quarterly profit it made $891 million in the second quarter of 2007. Chairman and Chief Executive Edward E. Whitacre predicted earlier this year GM would be profitable in 2010 on an annual basis for the first time since 2004. The auto maker last year received $50 billion in U.S. government loans. The company has repaid $6.7 billion ahead of schedule, but the big payback won't come until GM goes public and the government can begin selling its majority stake in the auto maker.

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