GM posts first-quarter profit

Source: Reuters

DETROIT (Reuters) - General Motors Co (GM.UL) posted a first-quarter profit on Monday and said it is making progress toward a turnaround expected to put it on track toward its first full-year profit since 2004.

GM, which received $50 billion of U.S. government financing for its restructuring in bankruptcy, has been aiming to launch an initial public offering that would allow the U.S. government to reduce its majority stake in the automaker later this year.

Revenue for the top U.S. automaker rose to $31.48 billion from $22.43 billion in the pre-bankruptcy GM a year before. Net income -- after preferred stock dividends of $203 million to the U.S. and Canadian governments and GM's major union -- was $865 million, compared with a loss of $5.98 billion a year before.

The top U.S. automaker posted a $4.3 billion loss in 2009 for the period between July, when it emerged from a bankruptcy steered by the Obama administration, until the end of the year.

The results underscore the progress GM has made in slashing costs by reducing debt, cutting jobs, closing factories and dropping unprofitable brands like Hummer, Saab and Saturn.

Read more: http://finance.yahoo.com/news/GM-posts-firstquarter-rb-1873990880.html?x=0&.v=1

Union jobs saved

One of GM's biggst problems was its entrenched ways. Need to bring in fresh blood from time to time.

Michelle Bachmann and Sarah Palin and all Tea Baggers will NOT be happy about this!!!

I'm so happy about that!

who insisted the bailout of GM would fail miserably then distribute to the media.

same thing about Chrysler in the '80s. Lee Iacocca, a hero of mine, turned the company around in less than a year.

He did it in large part by firing 33 of the 35 VPs that Chrysler had at the time.

1) $865 million first-quarter profit

2) the US government owns over 60% of GM

3) Socialism Works!