GM posts result in more than a decade

DETROIT - General Motors co. reported its highest quarterly profit Thursday in more than a decade, supported by cars to fuel-saving demand and a large profit from the sale of its stake in the former car parts business.

The largest U.S. based automaker said Thursday that it earned $3.2 billion, or $1.77 per share in the first quarter. It was a good start considering the spike in United States the company would gasoline prices, a trend that have sunk only a few years ago, when it left for profits on gas-guzzling pickups and SUVs.

In fact it was quarterly best one of the GM since the SUV boom in the early 2000s and its fifth straight quarterly profit since the end of 2009, the year, that it emerged from bankruptcy.

GM results follow strong earnings reports in crosstown rivals Ford Motor Co. and Chrysler Group LLC, a character, which the US auto industry by the recession and bankruptcies recovered.

GM thrived in the quarter from the sale of small cars such as the new Chevrolet Cruze and crossover vehicles such as the Chevrolet Equinox and GMC terrain. Revenues rose 15 percent to $36.2 billion, 25 percent in US auto sales and a 10-percent gain in China created as GM's largest market is driven by jumping. Sales are so strong that GM will almost certainly repeat the title of the world's largest automaker rivals of Toyota Motor Corp. in this year.

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GM is net first-quarter profit more than earned triple the $ 865 million it in the first quarter of last year. It is on a good sign for the US Government, which increases the profit GM share price is, so that you are selling your participation in the company and more the 50 billion dollar taxpayer bailout that stored GM can draw two years ago.

GM's latest results include a 1.6 billion dollar profit from the sale of the company Delphi automotive systems LLC, its former parts Division, as well as a fee 400 million in Europe due to the change of accounting standards.

Net income was one of the GM of best quarter since at least 2000, when booming sales of SUVs and pickup trucks were. It is passed the $4.7 billion GM of the gate quickly, made it last year, GM's first profitable year since 2004 and his best performance since 1999.

Is the root for GM, the Treasury, where officials try is, figure out the right time for the remaining GM to sell 500 million shares held by the Government. GM took nearly $50 billion U.S. Government help help to survive it in 2009. The Government has about half of this amount has been paid back and would need to their remaining shares for about $53 sell anyone be money to get back.

The Government can sell their shares from May 22, but is waiting, until they hit the right price. Wednesday at $33.03 closed GM shares, the first time, you on the $33 IPO price since March 3 concluded.

Earnings in the quarter, GM earned $1.7 billion, or 95 cents per share.

Beat Wall Street estimates. FactSet respondents analysts expected $1.6 billion, or 88 cents per share, revenues of 35.3 billion $. Analysts close usually one-off effects from their forecasts.

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GM said that it earned $ 2.9 billion before taxes in the United States more than double the profit a year earlier. North American sales increased by 18 percent and GM said it expected that to improve, progression of the year because it is always higher prices for their cars and trucks. GM US prices 1 percent raised since the end of last year and has to cut spending on incentives, such as loans and discounts.

The company also could benefit from supply shortages at his Japanese rival from the March 11 also earthquake, but GM could run low made to parts in Japan. Chief Financial Officer Dan Ammann would say how many vehicles, GM could lose due to a slowdown of production from the quake, but said it would have no result of the company.

GM international operations, including Asia and Russia, one earnings fell 47 percent $ 408 million. Ammann said sales increased 10 percent in China by this year, but was slower growth as the 30 - to 40 - percent increase over the past few quarters. He said first quarter of last year was highly unusual for the Division. GM lost money in Europe.

GM's first quarter performance continues its remarkable turn to from bankruptcy protection in 2009. More than $80 billion lost the company in the five years prior to the bankruptcy.

The associated press and Reuters contributed to this report.