Second-quarter profit from General Motors

For the recent quarter, the Detroit automaker said net income increased to $891 million, or $1.56 per diluted share, from a loss of $3.4 billion, or $5.98 a share, in the year-ago period. Sales fell to $46.8 billion vs. a restated $53.9 billion last year.
On an adjusted basis,GM said second-quarter net income rose to $2.4 billion, or $2.48 a share, compared to $1.1 billion, or $2.03 a share last year. Analysts surveyed by Thomson Financial forecast earnings of $1.13 a share and revenue of $44.45 billion, on average.
"We again saw improved results in sales, income and cash flow this quarter, driven by the continued successful implementation of our business strategies," said Chief Executive Rick Wagoner.
GM shares were up over 7% in pre-market trading to $35.09. The stock has traded in the range of $28.49 to $38.66 during the last year.
Global market share was down slightly at 13.3%, compared to 13.7% in the year-ago period, driven by a softer U.S. market, a reduction in fleet sales, and its incentive strategy. Total sales volume surpassed 2.4 million units, up marginally from a year ago.
In GM's home market of North America, adjusted net income from continuing operations was $78 million, up from a loss of $95 million in the same period last year, thanks to a favorable mix and reduced structural costs, partially offset by lower volume and warranty adjustments.

"In the U.S., the economy and auto market outlook remains challenging, but we'll continue our future product and technology investments, while staying focused on growing our revenue and improving our cost competitiveness," Wagoner said.
In Europe, GM said its adjusted net income was $236 million for the quarter, up from $143 million last year, an improvement driven by favorable pricing and an improved structural cost performance. The company said it also saw adjusted net income improvements in its Asia Pacific, Africa, and Middle East markets.

source:www.marketwatch.com