GM Doubles Estimates, Hits $3.2B Profit

Fifth-straight quarterly profit for automaker
By Polly Davis Doig,  Newser Staff
Posted May 5, 2011 9:05 AM CDT
The new 2013 Chevrolet Malibu at the New York International Auto Show, Wednesday, April 20, 2011.   (Getty Images)
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(Newser) – That whole restructuring thing continues to be working out well for General Motors: The auto behemoth posted $3.2 billion in first-quarter profits today, including a $1.5 billion one-off from the sale of its share of Delphi and its stock in a former in-house lender. The number soundly beat analyst forecasts of $1.6 billion, reports the Free-Press, and marks the fifth straight quarter in which GM posted in the black. “It’s good progress,” says CFO Dan Ammann. "It sets up a good foundation for the rest of the year." (Click to read how Chrysler did in Q1.)

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