GM Earns $865M First Quarter Profit, First in Three Years!

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General Motors has just posted its first quarterly profit in three years, and it's not exactly chump change. The General just announced it managed to rake in a net income of $865 million during the first quarter of 2010. According to The Detroit News, the change in direction is thanks largely to GM's rebound here in North America. The company's domestic operation pulled down a $1.2 billion profit for the first three months of the year thanks to a slimmer debt load and the sale of Saab to Spyker. During the fourth-quarter of 2009, GM posted a $3.4 billion loss.

Likewise, things are looking up internationally. The Detroit-based automaker also returned a $1.2 billion profit from its global efforts as well. That marks a $500 million increase compared to the fourth quarter of 2009. This is all good news for those eying when the fresh-from-bankruptcy manufacturer will start selling stock once again. Currently, GM is shooting for an IPO late this year or early in 2011. Tax payers and investors can't wait. Hit the jump for the press release.

[Source: General Motors, The Detroit News | Image: Scott Olson/Getty]