GM, Back to Profit in Q1

And the numbers are in... After nearly a two year drought since posting its last profit, last year's bankrupt GM posted today its financial results for the first quarter of the year, with the numbers showing a profit of $865 million and an EBIT for the North American operation of $1.2 billion, up from a loss of $3.4 billion in the fourth quarter 2009.

GM Europe was the bad performer of the group, posting a loss before interest and taxes of $0.5 billion, an improvement of $0.3 billion from the fourth quarter. GM International Operations posted EBIT of $1.2 billion, up $0.5 billion from the fourth quarter.

Taking into account the sale of the Saab brand, GM had a Q1 EBIT of $1.7 billion. Revenue stood at $31.5 billion and operating income of $1.2 billion.  Net income attributable to common stockholders was $0.9 billion, resulting in earnings per share on a diluted basis of $1.66, GM says.

“We’re pleased with our first quarter performance, in particular achieving profitability,” Chris Liddell, vice chairman and chief financial officer said in a statement.

“In North America we are adding production to keep up with strong demand for new products in our four brands. We’re also steadily growing in emerging markets, keeping our costs under control, generating positive cash flow and maintaining a strong balance sheet. These are all important steps as we lay the foundation for a successful GM.”