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GM posts first-quarter profit

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posted on May, 17 2010 @ 08:16 AM
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GM posts first-quarter profit


finance.yahoo.com

DETROIT (Reuters) - General Motors Co (GM.UL) posted a first-quarter profit on Monday and said it is making progress toward a turnaround expected to put it on track toward its first full-year profit since 2004.

GM, which received $50 billion of U.S. government financing for its restructuring in bankruptcy, has been aiming to launch an initial public offering that would allow the U.S. government to reduce its majority stake in the automaker later this year.
(visit the link for the full news article)




posted on May, 17 2010 @ 08:16 AM
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Looks like GM isn't sinking in the RED anymore. They posted a small profit in the first quarter, any profit is a good sign. Though I was taken back by their ill advertising in which they claimed to have fully paid back loans with loan money they already had. But to see them coming out of the RED is good news.

I was thinking of stepping into a GM car this year but they canceled the car I wanted to get into...The Pontiac G8 GxP. That thing was beautiful. Looks like I will be going German this year.

finance.yahoo.com
(visit the link for the full news article)



posted on May, 17 2010 @ 08:26 AM
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Anyone know if the millions in interest earned on the govt. funds is included in this profit stat.? Or if they excluded the earnings from overseas operations?

Smoke and mirrors... They are not obligated to report anything accurately nowadays because they no longer have shareholders.

They have lost countless billions over the years and suddenly can turn a profit. Something stinks in Detroit.


GM ended the first quarter with $35.7 billion in cash and marketable securities, including funds in escrow.

www.gminsidenews.com...

I believe the escrow funds are bailout dollars.



posted on May, 17 2010 @ 08:51 AM
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man people are slow its in the news it must be true.
now im a real car buff and I don't think there's any one who is stupid enough to buy a car from a company whose for all intens and purpose out of business.
come one what about the warranted is it any good at all ?
what about parts can you even get them most sane people think about these things . But hay I could use a laugh there's a lot of people on ats so please anyone out there chime in and tell us the make and model of the GM protect you have bought within the last 2 years.
now im use to not getting reply's to my post so I wont be shocked when theres not even one person who says yea i got such and such car.
o yea every one wants one umm why is it they needed a bal out o yea no one was buying humm



posted on May, 17 2010 @ 08:53 AM
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I know I will not be buying GM or Chrysler cars ever again.

Next auto I purchase will be a Ford.



posted on May, 17 2010 @ 08:57 AM
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I only drive Nissans and BMWs. American cars in general can all drive off a cliff for all I care.



posted on May, 17 2010 @ 08:59 AM
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Originally posted by mike_trivisonno
I know I will not be buying GM or Chrysler cars ever again.

Next auto I purchase will be a Ford.


I liked the new Taurus twin turbo, but it looks too bloated. They need to make that car look a bit slimmer and edgy.



posted on May, 17 2010 @ 09:05 AM
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so they make the car you like to look at do you mean to say you will go out and buy it?
I do hope you have a kid so you can set up a lemon adde stand.
when it brakes down and you go to find a part that in no ware to be found it helps to have a cute kid to help you sell it to the next guy.
man i loved GM all my life but to be real in the last 15 years they went down hill fast and if it wasnt a old GM I wouldnt touch it



posted on May, 17 2010 @ 09:07 AM
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reply to post by prionace glauca
 


Hmmm, lets see. They are largly owned by the government now.

So, if you buy a GM product, part of the government is making a profit on this company, after bailing them out.

Scam, all the way around, anyone?

I will never, ever buy a GM product again. They should have been allowed to go the way of a dinasaur.



posted on May, 17 2010 @ 09:16 AM
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reply to post by Blanca Rose
 


I agree part of the government will be making a profit, the part that lend them the money in the first place. I was never a fan of the GM products except of the Corvette and the Holden line in Australia.

When Pontiac introduced the Holden Commodore as the G8 here, I knew I needed to have it. Then they ended up canceling it.


But GM has been turning around some attractive models. Their SUV the Terrain is fairly okay in my books. As far as the quality of their products go, I haven't heard much. Though I won't be stepping into a GM product now that the Holden is gone, I am looking to get into a powerful V8 AwD sedan that only a few German automakers have been able to pull off.



posted on May, 17 2010 @ 09:42 AM
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o great lets drill baby drill so you can have your powerfull v8.
what oil rigs exploding o well as long as i HAVE MY V8.
lets lower the cost of gas back to a dollor wow i could have had a v8.
man only v8 left should be trucks and you should need a contractors licence to own one and it can ONLY be used for work no beer runs .
heck as bad as things are even 6 cylinders should be out lawed .
Hummers show the arrogance of people they know the world is being poisend and there kids will have to live in the filth they made but go one doing it anyway .
I want NOW GIVE IT TO ME . drill baby drill burn slash kill baby kill.
the day is comeing sooner then you think when all that will be left is kill baby kill .
the good news is after all the killing is done earth can start over and creat the very first intelligent life form. any life form that would kill its self isn't intelligent.
DRILL BABY DRILL



posted on May, 17 2010 @ 09:48 AM
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Originally posted by xxcalbier
o great lets drill baby drill so you can have your powerfull v8.
what oil rigs exploding o well as long as i HAVE MY V8.
lets lower the cost of gas back to a dollor wow i could have had a v8.
man only v8 left should be trucks and you should need a contractors licence to own one and it can ONLY be used for work no beer runs .
heck as bad as things are even 6 cylinders should be out lawed .
Hummers show the arrogance of people they know the world is being poisend and there kids will have to live in the filth they made but go one doing it anyway .
I want NOW GIVE IT TO ME . drill baby drill burn slash kill baby kill.
the day is comeing sooner then you think when all that will be left is kill baby kill .
the good news is after all the killing is done earth can start over and creat the very first intelligent life form. any life form that would kill its self isn't intelligent.
DRILL BABY DRILL


You still believe in this global warming crap being caused by mankind? Try focusing your attention in the news and look at the temperatures of the planets in our solar system. They are all going up.

Yes I want a V8 powered 4 door sedan, you got a problem with that go cry a river.



posted on May, 17 2010 @ 09:48 AM
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Originally posted by prionace glauca


Looks like GM isn't sinking in the RED anymore. They posted a small profit in the first quarter, any profit is a good sign.


I know it sounds good. But it's really not.


Revenue rose to $31.48 billion from $22.43 billion in the pre-bankruptcy GM a year before. Net income -- after preferred stock dividends of $203 million to the U.S. and Canadian governments and GM's major union -- was $865 million


31.48 billion revenue and a net income of a little over 1 billion? That's not a healthy company at all. And I suspect these "profits" have come from plant layoffs and government stimulus. It looks like another PR stunt to me.



posted on May, 17 2010 @ 09:51 AM
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reply to post by belial259
 


I totally agree that its not healthy. How ever meager the profits might be, any positive sign is a good sign. Though my perception of GM will not change on how the Unions muscled out the boss and how the government swallowed another business to fit its needs.



posted on May, 18 2010 @ 07:34 AM
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Wrecked my car in October, didn't even consider a GM or Chrysler product and made damn sure I told the dealership that too. They said that they'd heard a lot of that last year even had a few people who had bought GM/Chevies their entire life come in and buy a Ford.

GM is not a publicly held company (unless you consider government ownership publicly held) and has no obligation to produce standardized financial reporting. I personally think that the commercial they are running about paying back the government is mostly BS too. If they did pay back any government money, they had to borrow it from somewhere else.



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