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
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)
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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. (Read more General Motors stories.)