General Motors' second quarter earnings came in ahead of most expectations as the automaker reported net income of $1.3 billion.
The results marked the second consecutive profitable quarter for the new GM, which earned $865 million in the
. Per-share earnings were $2.55, up from $1.66. Revenue was $33.2 billion, up from $31.5 billion.
GM Grows Profit to $1.3 Billion
At GM North America, EBIT was $1.6 billion, up from $1.2 billion in the first quarter. GM Europe had a loss before interest and taxes of $200 million, compared with a loss of $500 million in the first quarter.
"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," said CFO Chris Liddell, in a prepared statement.
GM ended the second quarter with $32.5 billion in cash and marketable securities, including funds in the Canadian Health Care Trust escrow. The company will hold an earnings conference call at 10 a.m. Thursday.
In the first quarter, Ford
earned $2.6 billion
-- Written by Ted Reed in Charlotte, N.C.