General Motors, Quarterly Earnings | featured news

General Motors Co on Wednesday posted a far stronger-than-expected profit and said it was targeting a return to break-even levels in its money-losing European operations by mid-decade after a loss of as much as $1.8 billion in that region this year.

General Motors said Thursday that its second-quarter profit fell 41 percent as losses in Europe and South America cut into strong North American earnings.

GM (GM) posted a profit of $1 billion in the first quarter, beating Wall Street expectations on strong demand in its key North American market. GM also said the U.S. economy was improving and it expected its core North American results in the second and third quarters to largely match the first quarter due to scheduled downtime at its large truck plants.

Automaker's profit surges on rising sales, could be world's biggest carmaker again before the year is out.

General Motors' U.S. sales of cars and truck jumped 27 percent in April as the economy continued to improve and $4 a gallon gasoline pushed buyers into more efficient vehicles.

General Motors says it made $2 billion in the third quarter, a strong showing that helps the company's pitch to investors who may buy stock in an initial public offering.