General Motors on Thursday reported net earnings of $1.3 billion in the second quarter on revenue of $33.2 billion, as the resurgent automaker continues to make strides toward a turnaround following last year's descent into bankruptcy. On a per-share basis, the Detroit auto giant said it earned $2.55 in the three months ending June.

Operating profit totaled $2 billion, GM said, with its North America unit reporting earnings before interest and taxes of $1.6 billion, up from $1.2 billion in the first quarter. Its Europe division posted a loss before interest and taxes of $200 million, an improvement of $300 million from the first quarter, the company said. Within its international operations, GM said it earned $700 million, down from $1.2 billion in the first quarter.

GM ended the quarter with $32.5 billion in cash and marketable securities. Cash flow from operating activities was $3.9 billion. After adjusting for capital expenditures of $1.1 billion, free cash flow was $2.8 billion, the company said.

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

The company plans to hold a conference call later Thursday to discuss the results. Investors and the media will be keen to hear any news about GM's planned initial public offering, the date of which has yet to be determined. Reports surfaced Wednesday that a stock offering could happen as soon as Friday.


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xtrees130

Concerning President Barack Hussein Obama - His ACTIONS speak louder than his words.

August 13 2010 at 9:10 AM Report abuse -1 rate up rate down Reply
itala2

wow.did not mean for it to post so many times.........sorry about that, it was not my doing!

August 12 2010 at 5:05 PM Report abuse -1 rate up rate down Reply
itala2

This is GREAT news! Obama's plan just turned around our 3 main auto makers and saved thousands and thousands of jobs. Smart move too for the Governement to have loaned them funds in the form of stock so the investemnt will pay four fold. One in jobs saved, two >jobs added ( as is happening with additional thousands of jobs in Michigan due to 3 car battery plant moving in for the Volt rather than being outsourced in China) and 3 > a return on the investment,not to 4> mention having USA made cars which would have gone extinct. The banks have paid their loans back, now it will be the auto industry.

August 12 2010 at 5:04 PM Report abuse +2 rate up rate down Reply
itala2

This is GREAT news! Obama's plan just turned around our 3 main auto makers and saved thousands and thousands of jobs. Smart move too for the Governement to have loaned them funds in the form of stock so the investemnt will pay four fold. One in jobs saved, two >jobs added ( as is happening with additional thousands of jobs in Michigan due to 3 car battery plant moving in for the Volt rather than being outsourced in China) and 3 > a return on the investment,not to 4> mention having USA made cars which would have gone extinct. The banks have paid their loans back, now it will be the auto industry.

August 12 2010 at 5:04 PM Report abuse +1 rate up rate down Reply
itala2

This is GREAT news! Obama's plan just turned around our 3 main auto makers and saved thousands and thousands of jobs. Smart move too for the Governement to have loaned them funds in the form of stock so the investemnt will pay four fold. One in jobs saved, two >jobs added ( as is happening with additional thousands of jobs in Michigan due to 3 car battery plant moving in for the Volt rather than being outsourced in China) and 3 > a return on the investment,not to 4> mention having USA made cars which would have gone extinct. The banks have paid their loans back, now it will be the auto industry.

August 12 2010 at 5:04 PM Report abuse +1 rate up rate down Reply
itala2

This is GREAT news! Obama's plan just turned around our 3 main auto makers and saved thousands and thousands of jobs. Smart move too for the Governement to have loaned them funds in the form of stock so the investemnt will pay four fold. One in jobs saved, two >jobs added ( as is happening with additional thousands of jobs in Michigan due to 3 car battery plant moving in for the Volt rather than being outsourced in China) and 3 > a return on the investment,not to 4> mention having USA made cars which would have gone extinct. The banks have paid their loans back, now it will be the auto industry.

August 12 2010 at 5:04 PM Report abuse +1 rate up rate down Reply
itala2

This is GREAT news! Obama's plan just turned around our 3 main auto makers and saved thousands and thousands of jobs. Smart move too for the Governement to have loaned them funds in the form of stock so the investemnt will pay four fold. One in jobs saved, two >jobs added ( as is happening with additional thousands of jobs in Michigan due to 3 car battery plant moving in for the Volt rather than being outsourced in China) and 3 > a return on the investment,not to 4> mention having USA made cars which would have gone extinct. The banks have paid their loans back, now it will be the auto industry.

August 12 2010 at 5:04 PM Report abuse +1 rate up rate down Reply
itala2

This is GREAT news! Obama's plan just turned around our 3 main auto makers and saved thousands and thousands of jobs. Smart move too for the Governement to have loaned them funds in the form of stock so the investemnt will pay four fold. One in jobs saved, two >jobs added ( as is happening with additional thousands of jobs in Michigan due to 3 car battery plant moving in for the Volt rather than being outsourced in China) and 3 > a return on the investment,not to 4> mention having USA made cars which would have gone extinct. The banks have paid their loans back, now it will be the auto industry.

August 12 2010 at 5:04 PM Report abuse +1 rate up rate down Reply
itala2

This is GREAT news! Obama's plan just turned around our 3 main auto makers and saved thousands and thousands of jobs. Smart move too for the Governement to have loaned them funds in the form of stock so the investemnt will pay four fold. One in jobs saved, two >jobs added ( as is happening with additional thousands of jobs in Michigan due to 3 car battery plant moving in for the Volt rather than being outsourced in China) and 3 > a return on the investment,not to 4> mention having USA made cars which would have gone extinct. The banks have paid their loans back, now it will be the auto industry.

August 12 2010 at 5:04 PM Report abuse +1 rate up rate down Reply
cdavecrz

up 25% from what,,,nothing????? This is a shaking out of money, from the bail out,,, How can they not make profit? No stock holders,,, government took their shares,,,, no stock handouts to employees or managers,,, no retirement pay for hundreds of thousands retired, only the best dealer ships,,rest closed. So you buy one,,, and in 5 yrs when they go broke again,, and are left by the new congress and president,,, see if you can give that car away.

August 12 2010 at 4:04 PM Report abuse -3 rate up rate down Reply