General Motors Co. has posted a first-quarter net income of $865 million putting them back on an expected turnaround for making a full year’s profit which they have not seen since 2004.
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Even though Gm received $50 billion in U.S. government financing for restructuring during bankruptcy, they have paid back $5.8 billion for the remaining loans but still attempts to move to be totally debt free.
GM generated $1 billion in free cash flow during the 1st quarter and ended the period with $35.7 billion in cash.
Both Ford and General Motors have seen major rebounds where Ford posted a $2.1 billion first-quarter profit and expected to make head of projections at year end.
[source: Autonews]
