Chairman and CEO Dan Akerson said:
Our results in North America, our International Operations and at GM Financial were solid but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America. … Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade.
GM, like Ford Motor Co. (NYSE: F), said Wednesday that U.S. sales declined in July, which surprised analysts. GM’s sales fell 6% year-over-year, even though Cadillac sales were up 21%.
GM shares are up more than 3% in premarket trading to $20.40, in a the 52-week trading range of $18.72 to $27.68. Thomson Reuters had a consensus analyst price target of $31.63 before this news. Ford shares are more than 1% higher in premarket trading as well.