GM Posts $865 Million Net Income in Push for Public Offering

It looks like GM is trying to get out of the control of "Big Brother" as quickly as they can...

By Katie Merx and David Welch

May 17 (Bloomberg) -- General Motors Co. reported first- quarter net income of $865 million, helped by higher production and smaller discounts, as the maker of the GMC Terrain and the Chevrolet Equinox works toward an initial public offering.

Operating profit was $1.2 billion in the first three months of the year, and the company generated $1 billion in free cash flow, Detroit-based GM said today in a statement. Revenue rose 40 percent from the same period a year earlier to $31.5 billion.

Chief Executive Officer Ed Whitacre has said reporting a profit is a necessary milestone as the biggest U.S. automaker seeks freedom from government ownership. GM, which emerged from bankruptcy protection in July, is considering a return to the auto-lending business to make its offering more appealing to investors, people familiar with the plans said last week.

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