.
.
.
.
.
.
.
.
.
.
.
General Motors Corp., America’s largest automaker, reported an $891-million profit for the second quarter of the year, driven by strong sales in emerging global markets and reduced costs from its restructuring efforts (it’s companywide pension and healthcare buyouts).
GM’s quarterly profit of $891 million, or $1.56 per diluted share, is an improvement of $4.3 billion compared with a reported net loss of $3.4 billion, or $5.98 per diluted share, in the year-ago quarter. In a single year, GM went from a -$3.4 Billion LOSS to a +$4.3 Billion PROFIT, a $7.8 Billion turnaround!The positive results boosted GM’s stock 7% in pre-market trading this morning, with shares of the automaker trading up $2.29 a share to $34.90 on August 1st, 2007.Overall, Credit Suisse analyst Chris Cerasco said in a note Tuesday morning that GM’s earnings — at $2.48 per share — had “a big upside,” coming in significantly higher than the consensus analyst estimate of $1.13 per share. But, he said, North America again fell “short of expectations,” with 80 cents of its earnings improvement coming from tax-related gains.
GM’s quarterly profit of $891 million, or $1.56 per diluted share, is an improvement of $4.3 billion compared with a reported net loss of $3.4 billion, or $5.98 per diluted share, in the year-ago quarter. In a single year, GM went from a -$3.4 Billion LOSS to a +$4.3 Billion PROFIT, a $7.8 Billion turnaround!The positive results boosted GM’s stock 7% in pre-market trading this morning, with shares of the automaker trading up $2.29 a share to $34.90 on August 1st, 2007.Overall, Credit Suisse analyst Chris Cerasco said in a note Tuesday morning that GM’s earnings — at $2.48 per share — had “a big upside,” coming in significantly higher than the consensus analyst estimate of $1.13 per share. But, he said, North America again fell “short of expectations,” with 80 cents of its earnings improvement coming from tax-related gains.
.
To put this in the simplest terms, so that "progressives" can understand, "THIS is GOOD NEWS for America, because more profits for American-based corporations means more American jobs, more American tax revenues and more of that prosperity stuff we all pretty much take for granted.
.
Think about it, WITHOUT government there would still be commerce, but without commerce there'd be no need for government, not much ability to fund it, at all.
SEE: http://www.freep.com/apps/pbcs.dll/article?AID=/20070731/BUSINESS01/70731014
