GM says 2Q profit nearly doubles on sales, prices

August 4, 2011 - 7:44 AM

DETROIT (AP) — General Motors Co. says its second-quarter profit nearly doubled to $2.5 billion as it got higher prices for its cars and trucks worldwide.

The company earned $1.54 per share, compared with 85 cents per share in the same quarter a year earlier. Revenue rose 19 percent to $39.4 billion.

GM blew past Wall Street's estimates. Analysts polled by FactSet forecast earnings of $1.18 per share on revenue of $36.56 billion.

It was the company's sixth straight quarterly profit. GM Chief Financial Officer Dan Ammann said GM gained $1 billion from higher prices.

GM sold 2.3 million vehicles in the quarter, up 7 percent from a year earlier.

GM shares fell to a post-IPO low of $27.05 Tuesday on concerns about the economic recovery.