Now why do you say I hate Obama?
But first the good news...
http://www.thetruthaboutcars.com/2011/05/gm-q1-profits-triple/GM Q1 Profits Triple !
But now the downside...
“Net income attributable to common stockholders includes gains of $1.6 billion and $0.3 billion respectively related to the sales of the company’s ownership interest in Delphi Automotive LLP and Ally Financial Inc. preferred stock. It also includes a $0.4 billion goodwill impairment charge at GM Europe (GME) resulting from a change in accounting standards and charges totaling $0.1 billion at GM International Operations (GMIO) related to revised tax regulations affecting the company’s India joint venture. Combined, these special items increased net income attributable to common stockholders by $1.5 billion or $0.82 per fully-diluted share.”
So selling assets and accounting changes accounted for these profits. Of course 4 additional cents a share is better than no cents.
Stock is still below the IPO price and way below the break even price...
And of course sales are down from this time last year in China...
http://www.thetruthaboutcars.com/2011/05/investigative-reporting-reveals-that-gm-china-lost-4-57-percent-in-china/