General Motors Posts Largest Profit Since 2004 (F)

General Motors reported this morning that its Q2 net earnings came in at $1.3 billion, which compares to a profit of $865 million in the first quarter of the year. This release comes, not coincidentally, the day before GM is expected to file for its IPO. GM’s results represented a 47% rise in global production year over year; revenues rose to $33.2 billion from $31.5 billion in the first quarter, boosted by strong results in North America. GM Chief Executive Ed Whitacre had said last week that the quarterly results would be "impressive," and analysts expect the company to cite its two quarters of consecutive profits to build the case for a stock offering expected to be the largest ever for the U.S. market. GM's results indicate that it is trailing its close American rival, Ford Motor Co. F, which posted a second-quarter profit of $2.6 billion, but that it is ahead of Chrysler, which lost $172 million during the quarter.