General Motors Corporation (GM) Turns a Profit
General Motors Corp. earned $891 million in the second quarter, a huge reversal from the $3.4 billion loss it posted in the same period last year and the third straight quarterly profit for the nation's largest automaker.
GM said Tuesday the latest results reflected improved sales in growing international markets.
Its results surpassed Wall Street expectations, and its shares rose more than 2 percent in midday trading.
"Our heavy commitment to key growth markets around the world really paid off in strong growth and earnings," Chairman and Chief Executive Rick Wagoner said in a statement.
The automaker, though, continued to lose money in its home market, North America, where it reported a net loss from continuing operations of $39 million. That was a vast improvement over the second quarter of last year, when the company reported a net loss of $3.95 billion in North America.
GM said Tuesday the latest results reflected improved sales in growing international markets.
Its results surpassed Wall Street expectations, and its shares rose more than 2 percent in midday trading.
"Our heavy commitment to key growth markets around the world really paid off in strong growth and earnings," Chairman and Chief Executive Rick Wagoner said in a statement.
The automaker, though, continued to lose money in its home market, North America, where it reported a net loss from continuing operations of $39 million. That was a vast improvement over the second quarter of last year, when the company reported a net loss of $3.95 billion in North America.
Labels: General Motors Corporation, GM
posted by Stock Administrator @ 3:36 PM
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