Sunday, August 7, 2011

Summary Box: GM doubles 2Q profit (AP)

DETROIT ? HIGHER PROFITS: General Motors Co. doubled its net profit in the second quarter to $2.5 billion.

THE DRIVER: Higher prices for its cars and trucks and profits from all regions drove the increase. Chief Financial Officer Dan Amman said GM gained $1 billion from higher prices.

WHAT'S NEXT: GM warned that profits in the second half of the year won't be as good as the first six months. That's because the company must discount current models and spend more to market 2012 vehicles. Also, car shortages at Honda and Toyota from the March earthquake will end, and that could cut into GM's sales and profits.

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20110804/ap_on_bi_ge/us_earns_gm_summary_box

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