GM posted a surprisingly high quarter 05/06/2011
General Motors (GM) has been seeing a significant increase in sales, as it recently defied the expectations of analysts by posting its fifth-straight quarterly profit.
According to the Detroit Free Press, GM made $3.2 billion in the first three months of this year, which included $1.5 billion from such sales as the company's stake in Delphi and the preferred stock of Ally Financial, its former in-house lender.
The news source reports that this posting had more than doubled the expectation of $1.6 billion estimate that was compiled from a survey by Thomson One Analytics.
The Los Angeles Times reports that the company's revenue is up by $4.7 billion from the same quarter last year, indicating that GM is continually recovering.
"We are on plan … thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth," Dan Akerson, the company's chief executive, said in a statement.
Akerson continued that while this was a great start to the year, the company still needs to work to ensure they stay on track.