Post-bankruptcy, GM Expects Profits
This could be the first time in six years that General Motors will post profits as a business. In a well-publicized and much-maligned ordeal, the company filed for bankruptcy last year. The third quarter alone of this year brought more than $2 billion in profit.
These results represent an increase of 50.4 percent from the second quarter, when the company posted $1.33 billion in net income. Year-to-date earnings are $4.2 billion after taxes and interest.
One year after exiting bankruptcy, GM says it is on track to become profitable.
“As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress,” Chris Liddell, vice chairman and chief financial officer, said in a statement released Tuesday.
GM’s profits surpass rival Ford, which posted a $1.7 billion profit for the third quarter. Chrysler reported a net loss of $84 million.
GM’s numbers are expected… continue reading
