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GM’s Quarter Is Twice as Nice

Carmaker more than doubles estimates, beats Toyota in sales for quarter

By Jonas Oransky,  Newser Staff

Posted Jul 31, 2007 10:02 AM CDT
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(Newser) – General Motors scored a breakout second quarter, more than doubling earnings estimates and turning a profit of $891 million, compared to a loss of $3.4 billion a year ago, Bloomberg reports. GM made money in three out of four regions globally, and nearly broke even in the recently treacherous North American market. Shares rose 23% on the quarter.

GM earned its third consecutive quarterly profit partly by cutting manufacturing and health-care costs. The company beat Toyota’s 2.37 million sales with 2.41 million of its own, taking back the first-place mantle for the quarter, but not for the year. Ford Motors just reported a surprise profit, making this the first quarter in nearly three years that’s trended up for America’s two biggest automakers.

In this photo proved by General Motors, CEO Rick Wagoner, left, and International UAW President Ron Gettelfinger shake hands to the kick-off of the 2007 UAW-GM national contract negotiations in Detroit, Monday, July 23, 2007. (AP Photo/General Motors, John F. Martin)
In this photo proved by General Motors, CEO Rick Wagoner, left, and International UAW President Ron Gettelfinger shake hands to the kick-off of the 2007 UAW-GM national contract negotiations in Detroit,...   (Associated Press)
The bow tie logo shines off the tailgate of an unsold 2007 Chevrolet Silverado pickup truck at a General Motors dealership in southeast Denver on July 29, 2007. General Motors Corp. reported a second-quarter profit of $891 million on Tuesday July 31, 2007, a huge reversal from the $3.4...
The bow tie logo shines off the tailgate of an unsold 2007 Chevrolet Silverado pickup truck at a General Motors dealership in southeast Denver on July 29, 2007. General Motors Corp. reported a second-quarter...   (Associated Press)
General Motors Corporate Headquarters. GM, The largest U.S. automaker, has reported its third straight quarterly profit.
General Motors Corporate Headquarters. GM, The largest U.S. automaker, has reported its third straight quarterly profit.   (Shutterstock.com)
General Motors shareholder Evelyn V. Davis shakes GM chairman Rick Wagoner's hand during the company's 2007 Annual Meeting of Shareholders at the Hotel du Pont in Wilmington, Del., Tuesday, June 5, 2007. General Motors Corp. has awarded two contracts to companies that will help speed up development of its plug-in...
General Motors shareholder Evelyn V. Davis shakes GM chairman Rick Wagoner's hand during the company's 2007 Annual Meeting of Shareholders at the Hotel du Pont in Wilmington, Del., Tuesday, June 5, 2007....   (Associated Press)
GM Shows out its entries for the Detroit Auto Show outside its Corporate Headquarters in this file photo.
GM Shows out its entries for the Detroit Auto Show outside its Corporate Headquarters in this file photo.   (Getty Images)
In this photo provided by General Motors, General Motors Chairman and CEO Rick Wagoner, left, and International UAW President Ron Gettelfinger talk at the bargaining table after shaking hands to the kick-off the 2007 UAW-GM national contract negotiations in Detroit, Monday, July 23, 2007. (AP Photo/General Motors, John F. Martin)
In this photo provided by General Motors, General Motors Chairman and CEO Rick Wagoner, left, and International UAW President Ron Gettelfinger talk at the bargaining table after shaking hands to the kick-off...   (Associated Press)
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