TIME AND TIME AGAIN, REPUBLICANS END UP IN THE WRONG SIDE OF HISTORY
DETROIT, Mich. – General Motors Company today announced its first quarter 2010 results, marked by revenue of $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’s first quarter adjusted earnings before interest and tax (EBIT) was $1.7 billion, after adjusting for the favorable impact of the sale of the Saab brand.
GM North America had EBIT in the first quarter 2010 of $1.2 billion, up from a loss of $3.4 billion in the fourth quarter 2009. GM Europe had 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.
Cash flow from operating activities was $1.7 billion and after adjusting for capital expenditures of $0.7 billion, free cash flow was $1.0 billion. GM ended the first quarter with $35.7 billion in cash and marketable securities, including funds in escrow.
“We’re pleased with our first quarter performance, in particular achieving profitability,” said Chris Liddell, vice chairman and chief financial officer. “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.”
GM has had the strongest return in six years…some of this is a result of the successful help GM got from Obama’s loan. The Republicans went ballistic and criticized the President calling it SOCIALISM, taking over the automobile industry, etc. Where are those critics now? They are eerily silent; once more they are on the wrong side of history.
Just consider this: had we listened to the Republicans we would not have GM any more. Hundreds of thousands of people would have lost their jobs and it is hard to imagine America without auto manufacturing. Clearly, this would have not only been acceptable to Republicans but they would have loved to have seen more unemployment so that President Obama would have been discredited.
Not this time Republicans…Saving the auto manufacturers was the right thing to do.
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