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GM Delivers $865 mil Q1 Profit

Strong numbers driven by new models, cost-cutting.

by on May.17, 2010

Cost-cutting, along with new models like this 2010 Chevrolet Equinox, helped GM deliver a strong first-quarter profit.

 

You may not be able to cost-cut your way to success, but it certainly helped General Motors during the first quarter of 2010, the long-troubled maker delivering a net profit of $865 million on $31.5 billion in revenues. 

Though currently a privately-held company, with the U.S. Treasury holding a 61% stake, GM reports that would have worked out to $1.66 a share, a sharp turnaround from just one year ago.  In the first three months of 2009, a period during which the U.S. auto industry melted down and the automaker started preparing for bankruptcy, GM reported a $6 billion loss, or $9.78 a share. 

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“We’re pleased with our first-quarter performance, particularly in achieving profitability,” said Chris Liddell, GM’s new Chief Financial Officer.  He pointed to the success of new models — such as the Chevrolet Equinox — as well as cost control, improved sales in emerging markets and improved cash flow as “important steps as we lay the foundation for a successful GM.” 

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