NEW YORK (Standard&Poor's) Aug. 4, 2011--Standard&Poor's Ratings Services said today that it views General Motors Co.'s (GM; BB-/Positive/--) second-quarter 2011 earnings, announced today, as consistent with our rating and outlook on the company. The automaker announced a consolidated net income of $2.5 billion for the second quarter, almost double second quarter 2010. Operating results in the quarter were mainly from continued profitability in North America; this region contributed about 76% of adjusted EBIT. North American second-quarter adjusted EBIT was up significantly from the first-quarter 2011 and also up year over year. Second-quarter North American adjusted EBIT margin was 9.7%, up from the 5.7% margin in first-quarter 2011, and also above the 7.9% reported in the second
