(May 5, 2011) DETROIT — General Motors today announced first quarter net income attributable to common stockholders of $3.2 billion, or $1.77 per fully-diluted share, marking the company’s fifth consecutive profitable quarter. 

Revenue increased $4.7 billion to $36.2 billion, compared with the first quarter of 2010.

“We are on plan,” said Dan Akerson, chairman and CEO. “GM has delivered five consecutive profitable quarters, 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.”

Stripping out one-time charges and gains, including $1.6 billion in income from the March sale of GM's ownership in Delphi Automotive, GM earned $2 billion. GM's net income for the January-through-March period a year earlier was $865 million.

Revenue grew 15 percent, to $36.2 billion.

Strong demand in North America led the way. Earnings before interest and taxes in the region more than doubled to $2.9 billion, compared with $1.2 billion during the same quarter last year.

GM said it expects North American profits to improve over the rest of the year thanks to better pricing and cost cuts, which should offset continued increases in commodity costs and a shift from trucks to less-profitable cars.

Source: General Motors