General Motors today reported its biggest quarterly profit in six years. The announcement comes a day ahead of an expected IPO filing that will allow the U.S. government to get rid of most of its 60.1 percent stake in the Detroit automaker.
GM reported a second-quarter revenue of $33.2 billion and net income attributable to common stockholders of $1.3 billion, resulting in earnings per share on a diluted basis of $2.55. That compares to a net income of $865 million in the first quarter of 2010.
“I am pleased with our progress on achieving our business objectives,” said Chris Liddell, vice chairman and chief financial officer. “We have delivered strong product, maintained cost discipline, progressed strategic initiatives such as restructuring Europe and acquiring AmeriCredit, and delivered two consecutive quarters of profitability and positive cash flow.”
Liddell refused to comment Thursday on plans for the IPO timing.
– By: Omar Rana
Source: GM, MSNBC