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Thursday, May 5, 2011

General Motors first-quarter profits triples, based on strong car sales

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General Motors first-quarter net income

Detroit, Michigan headquartered "Big-Three" automaker General Motors, says its first-quarter net income more than tripled on strong car sales in the U.S. and China.
The profit statement comes off the heels of GM re-paying the final installment Federal Government bailout loan, on April 21, 2010 and its' IPO offering on November 21, 2010.
The company's first-quarter net income totaled $3.2 billion, or $1.77 per share, one of its best performances since the SUV boom in the early 2000s. It was GM's fifth straight quarterly profit since late 2009, the year it emerged from bankruptcy.
Quarterly revenue rose 15 percent to $36.2 billion. Worldwide sales climbed 12 percent, including a 25-percent jump in the U.S.
GM's net income includes a $1.6 billion gain from the sale of its stake in Delphi Automotive, its former auto parts division. Without one-time items, GM earned 82 cents per share.
GM earned $900 million, or 55 cents per share, within the first quarter of 2010.

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