Friday, August 03, 2007
General Motors accelerates back into profit
General Motors reversed a massive $3.4 billion net loss in the second quarter of 2006 into an $891 million profit for the three months to June 30, 2007, according to the company's preliminary results.
The transformation was marked by record automotive revenue ($764m) driven by strong sales in key growth markets, improved net income, and solid operating cash flow.
And, while chairman and chief executive Rick Wagoner said the company's 'heavy commitment to key growth markets around the world paid off in strong growth and earnings' he warned that further progress had to be made in the troublesome domestic market. The return to profitability, added the company, justified the focus on closing factories and cutting jobs, notably in North America but also in Europe.
DATED: 03.08.07
FEED: AW
The transformation was marked by record automotive revenue ($764m) driven by strong sales in key growth markets, improved net income, and solid operating cash flow.
And, while chairman and chief executive Rick Wagoner said the company's 'heavy commitment to key growth markets around the world paid off in strong growth and earnings' he warned that further progress had to be made in the troublesome domestic market. The return to profitability, added the company, justified the focus on closing factories and cutting jobs, notably in North America but also in Europe.
DATED: 03.08.07
FEED: AW
