General Motors Co. rode expense cuts from its bankruptcy and strong sales of redesigned models to its first quarterly net income in nearly three years, drawing the company closer to a stock offering that would repay at least part of its government aid.
The $865 million first-quarter profit is a dramatic reversal from the huge $6 billion loss in the same period last year.
New models such as the Chevrolet Equinox small sport utility vehicle and the Buick LaCrosse luxury sedan lifted GM's North American operations to a $1.2 billion profit, compared with a $3.4 billion loss in the year-earlier quarter.
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