General Motors Nets $900 Million Profit In First Quarter of 2010
DETROIT - General Motors made a net profit of $900 million in the first quarter of 2010, its first profit since 2007. It reports revenue of $31.5 billion and operating income of $1.2 billion for the quarter. Adjusted earnings before interest and tax (EBIT) was $ 1.7 billion after "adjusting for the favorable impact of the Saab brand," even though Spyker picked up the small Swedish automaker for just $74 million in cash.
In its North American operations, GM reports a Q1 2010 EBIT of $1.2 billion, up from a first-quarter 2009 loss of $3.4 billion. GM Europe lost $500 million this first quarter, an improvement over Q1 '09's $800 million loss, and International Operations posted a $1.2-billion EBIT for Q1 '10, versus a $500-million EBIT for Q1 '09.
GM ended Q1 '10 with $35.7 billion in positive cashflow, including marketable securities and funds in escrow, or government loans.
"We're pleased with our first quarter performance, in particular achieving profitability," Vice Chairman and Chief Financial Officer Chris Liddell said in a prepared statement. More on New GM's first profit Monday afternoon, following a reporters'/analysts' conference call.