NEW YORK (MNI) – The following are excerpts from the second quarter
earnings statement issued by General Motors Thursday:

General Motors Co. (NYSE: GM) today announced second quarter net
income attributable to common stockholders of $2.5 billion, or $1.54 per
fully-diluted share, marking the companys sixth consecutive profitable
quarter. In the second quarter of 2010, GMs net income attributable to
common stockholders was $1.3 billion, or 85 cents per fully-diluted
share.

Revenue increased $6.2 billion to $39.4 billion, compared with the
second quarter of 2010. Earnings before interest and tax (EBIT)
adjusted was $3.0 billion compared with $2.0 billion in the second
quarter of 2010. There were no special items in either period.

“GM’s investments in fuel economy, design and quality are paying
off around the world as our global market share growth and financial
results bear out,” said Dan Akerson, chairman and CEO. “Our progress
has been steady and were preparing to launch more new products this
year, including the Chevrolet Sonic in North America, the Opel/Vauxhall
Zafira in Europe and the Baojun 630 in China to keep the momentum
going.”

—

* GM North America (GMNA) reported EBIT-adjusted of $2.2 billion,
an improvement of $0.6 billion compared with the second quarter of 2010.

* GM Europe (GME) reported EBIT-adjusted of $0.1 billion, an
improvement of $0.3 billion compared with the second quarter of 2010.
In the second quarter of 2011, GME incurred restructuring costs of
approximately $100 million which was approximately $200 million less
than in the second quarter of 2010.

* GM International Operations (GMIO) reported EBIT-adjusted of $0.6
billion, up $0.1 billion from the second quarter of 2010.

* GM South America (GMSA) reported EBIT-adjusted of $0.1 billion,
down $0.1 billion from the second quarter of 2010.

For the quarter, automotive cash flow from operating activities was
$5.0 billion and automotive free cash flow was $3.8 billion.

GM ended the quarter with very strong total automotive liquidity of
$39.7 billion. Automotive cash and marketable securities, including
Canadian Health Care Trust restricted cash, was $33.8 billion compared
with $30.6 billion at the end of the first quarter of 2011.

Based on current industry outlook, the company expects that
EBIT-adjusted in the second half of 2011 will be modestly lower than in
the first half and that its full-year 2011 EBIT-adjusted will show solid
improvement over 2010

“Our earnings and cash flow are solid and we’re going to keep
working on the fundamentals of strong brands, great products and
operating leverage to create profitable growth around the world,” said
Dan Ammann, senior vice president and CFO.

** Market News International New York Newsroom: 212-669-6430 **

[TOPICS: MAUDS$,M$U$$$]