General Motors cruised to their fifth straight quarter in the black, announcing a gross profit of $3.2 billion, helped along by a sale of GM subsidiary Delphi for $1.6 billion in March.
In a prepared statement, General Motors CEO Dan Akerson said “GM has delivered five consecutive profitable quarters, thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth.”
GM CFO Dan Ammann cited a strengthening market and an attractive lineup of fuel efficient vehicles as some of the reasons behind GM’s strong financial showing. While GM’s South American and International divisions were profitable (with China counted as part of the International sector), GM Europe reported a loss, and is hoping to break even by year’s end.
[Source: Automotive News]