General Motors Co. credited strong customer demand and a competitive cost structure for its $3.2 billion of first-quarter profits, a 22% year-over-year increase. Revenue shot up 15% to $36.2 billion.
GM’s earnings come on the heels of solid earnings by captive General Motors Financial Co., which earned $77.2 million last quarter, up from $63.2 million in the prior-year period. GM Financial’s loan originations for the quarter climbed to $1.1 billion from $935 million in the fourth quarter of 2010, while lease originations skyrocketed to $311 million from $11 million.
Ford and Chrysler also posted first-quarter profits. Ford earned $2.6 billion for the quarter, while Chrysler earned $116 million ― its first profit since emerging from bankruptcy in 2009.
