GM reports $891 million 2nd-quarter profit

GM today announced that it earned $891 million in the second quarter. That is the third consecutive quarterly profit for the nation’s largest auto maker which reported a $3.4 billion loss during the same period last year.

While GM is continues to sturggle in the North American market, the latest results were due to increasing sales in international markets. The company reported a net loss of $39 million in North America for the second-quarter, which is a great improvement over last year’s $3.95 billion loss domestically.

The latest profit amounted to $1.56 per share for the April-June period, compared with a loss of $5.98 per share a year ago. GM stated that its adjusted net income was $1.4 billion, or $2.48 per share. GM’s CFO, Fritz Henderson, said the company is sticking to its target of $9 billion worth of annual cost cuts.


Source: msnbc

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