General Motors has posted a quarterly operating profit that more than doubled Wall Street estimates, citing progress in its turnaround effort including cost cuts for labor and health care.
GM, which is slashing more than 34,000 jobs and closing 12 plants, said it is on track to cut $9 billion in operating costs this year.
The world's largest automaker, which lost $10.6 billion in 2005, posted a narrower net loss of $115 million, or 20 cents per share, compared with a loss of $1.7 billion, or $2.94 per share a year earlier.
Excluding $644 million in charges for writedown of the value of the GMAC financial arm, the reorganization of the Delphi auto parts maker and other items, GM posted an operating profit of 93 cents per share.
Analysts, on average, had expected an adjusted profit of 45 cents per share, according to Reuters Estimates.
Total revenue rose 3.6 percent to $48.8 billion from $47.1 billion a year.