Thursday, 4 August 2011 at 15:52, Reuters, Detroit
GM's Q2 net income rose to $2.52 billion compared with $1.33bn in the year earlier period. (REUTERS)
General Motors Co's quarterly profit nearly doubled, beating expectations, as the top US automaker took a larger share of sales in its home market and made gains in Europe and Asia.
Net income in the second quarter rose to $2.52 billion, or $1.54 per share, compared with $1.33bn, or 85 cents per share, in the year earlier period.
Analysts polled by Thomson Reuters I/B/E/S had expected $1.20 per share on average.
Revenue rose 19 per cent to $39.4bn, above the $36.74bn analysts had expected during a quarter where US auto sales hit a soft patch.
The results represent the second full quarter since GM's initial public stock offering last November and a restructuring intended to keep the largest US automaker profitable throughout the industry's punishing boom-and-bust cycles.
GM emerged from bankruptcy in 2009 after a $52bn taxpayer-funded bailout orchestrated by the Obama administration. The US Treasury still owns 32 per cent of GM's common shares.
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