General Motors posts $865 million net profit in Q1-2010

General Motors Company today announced a net income of $865 million for the first quarter of 2010, compared with a loss of $5.98 billion the year before quarter.

America's top automaker reported first quarter 2010 revenue of $31.48 billion against $22.43 billion in the pre-bankruptcy period a year ago. Operating income stood at $1.2 billion while earnings per share on a diluted basis was $1.66.

Net income is calculated after preferred stock dividends of $203 million to the US and Canadian governments and GM's major union.

Earnings before interest and tax (EBIT) stood at $1.7 billion, after adjusting for the favorable impact of the sale of the Saab brand.

GM North America had an EBIT in the first quarter 2010 of $1.2 billion, up from a loss of $3.4 billion in the fourth quarter 2009.

GM Europe had a loss before interest and taxes of $0.5 billion, an improvement of $0.3 billion from the fourth quarter.  GM International Operations posted EBIT of $1.2 billion, up $0.5 billion from the fourth quarter.