DETROIT, Mich. – General Motors Co. said it made $1.33-billion (U.S.) in the second quarter, a sign of growing strength as the company prepares to sell stock to the public.
It’s GM’s second straight quarterly profit. The company made $865-million in the first quarter.
Second-quarter revenue was $33.17-billion, up 5.3 per cent from the first quarter on strong sales in China and U.S. sales of revamped cars and trucks.
CEO Ed Whitacre, who announced he will be stepping down on September 1, said GM is eager to sell the stock so it can pay off $43.3-billion in government loans that were converted into a large stake in the company. No date has been set for the sale.
GM has been majority-owned by the government since it left bankruptcy protection in July of 2009.
GM didn’t report second-quarter results last year because it spent part of the quarter in bankruptcy protection.