Thursday, August 12, 2010

GM Posts an Impressive Profit

General Motors reported a second quarter profit of $1.33 billion on Thursday, continuing to show strong signs of recovery after its bankruptcy last year. 
In the first quarter of this year, GM posted earnings of $865 million.
GM said it is planning an initial public offering of shares, which would provide it with funds to help return $43.3 billion in government bailout money.
GM said revenue in the second quarter was $33.2 billion, a 5.3 percent gain over the first quarter. Sales rose in each region globally except Europe.
Strong sales in the U.S. were led by models such as the Chevrolet Equinox crossover and Buick LaCrosse premium sedan.
GM is preparing to launch later this year the Chevrolet Cruze, a small, fuel-efficient sedan on which the company is pinning hopes of large sales.

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