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.)