GM has had quite the eventful day today. During the same conference in which Ed Whitacre announced his plan to step down as CEO (effective September 1st), his company has posted its second consecutive quarterly profit, this time tabbed at $1.3 billion in earnings after taxes.
Breaking down the numbers, we see that the General earned a healthy $2 billion in earnings before interest and taxes (EBIT) with GM North America bringing home $1.6 billion of the purse. GM Global punched in $.7 billion, but GM Europe still suffered a net loss of $.2 billion – which is still an improvement from the $.3 billion loss last quarter.
Vehicles to thank for the company’s recent success include crossovers such as the Chevy Equinox, GMC Terrain and Cadillac SRX, as well as the very successful Buick LaCrosse. Globally, the Chevy Cruze has been pulling through for The General and will most likely add to the success when it is finally launched here in the States in the third quarter. GM’s popularity in China has also played a key role in The General’s second quarter success.
This good news also builds up for a successful IPO, which has been rumored to be filed as soon as tomorrow… or maybe not.