GM posts first-quarter profit

Reuters ^ | May 17, 2010 | Kevin Krolicki and David Bailey

[C19fan]

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.

...................................................

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, compared with a loss of $5.98 billion a year before.

[caver]

BS Alert!

[Ingtar]

Can you call it a profit when they only made money because they were allowed to renig on their creditors?

[RangerM]

False Profit.

[allmost]

Revenues rose by 9 billion Dollars, that’s it? Where did the rest go?

[Mr. Wright]

Union boys now working for the “man” Obama on the assembly line. No longer working for those bastards in white ties and suits. So it means simply the union boys will take: shorter work breaks, less goof off time, and be more diligent and use less sick leave. Result, more cars for less money = GM Profit.

[caver]

No kidding. When all of the debts were expunged, who couldn’t make a profit? Or is this profit another TARP fund?

[Red Badger]

Net income -- after preferred stock dividends of $203 million to the U.S. and Canadian governments and GM's major union -- was $865 million,

[martinidon]

easy to make a profit when you shed all of your debt through bankruptcy. Lets see if they can keep this up and hopefully they pay ALL of the taxpayer money they were given!

[Eric in the Ozarks]

Nonsense.
When GM repays its former bond holders and stock holders, they can show a real profit.

[caver]

“When GM repays its former bond holders and stock holders”

That will never happen.

[allmost]

Total revenue numbers were what I was curious about. Post bailout, the entire company's ‘gdp’ rose by 9 billion year over year. They either missed a decimal point or...

[Diana in Wisconsin]

If they’re doing this good, why isn’t there a FREE, shiney new car in my driveway? I mean, it’s the very LEAST they could do for all of us since we GAVE them our TAX DOLLARS (against our will, of course) to bail out their sorry @sses!

[SumProVita]

When you OWE big-time, there is NO profit!

[Jack Black]

When GM repays its former bond holders and stock holders, they can show a real profit.

Well that's never going to happen. Bankruptcy removes debt and obligations, so they, legally, can't repay those people. It would be a gift, and current owners would object. So, I guess from your point of view GM is now a rouge corporation that can never right itself again, no matter what they do going forward. I would probably agree with that.

[avacado]

Easy to make a profit when you don’t pay back your loans!

[Red Badger]

...or the paid the loans back. The guy on the commercial said so....;^)

[Eric in the Ozarks]

I’ll never buy a GM vehicle again.

[Red Badger]

....GM is now a rouge corporation....

Yeah, they been "rouge" for over a year now.............

[allmost]

I have not, thankfully, seen that commercial yet.