GM reports $4.7 billion revenue increase
May 5, 2011 — General Motors (GM) on Thursday announced it earned $36.2 billion in revenue during the first quarter of 2011, a $4.7 billion increase compared to the same time period last year.
The company’s net income for the first quarter was $3.2 billion, which marks the company’s fifth consecutive profitable quarter.
“We are on plan,” said Dan Akerson, the automaker’s 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.”
Dan Ammann, senior vice president and CFO of GM, said the company has the potential to grow further as the economy rebounds.
“While we’re encouraged, we keenly recognize we have more opportunities to leverage our scale, improve spending and investment efficiencies, and optimize our strong balance sheet,” he said.