After going all of 2008 and 2009 without a single profitable quarter, General Motors has some very good earnings data.  One year after filing for bankruptcy, GM posted a first quarter profit of $865 million.  Detroit News reporter Robert Snell writes that much of that profit was generated in North American sales, as GM has faced some difficult times in Europe and other overseas markets.  

The strong quarter could also mean good news on the jobs front, as production is on the rise.  Snell:

The positive financial results released Monday coincided with a dramatic increase in production. GM built 668,000 vehicles from January through March, 80 percent more than a year earlier.

Operating income was $1.2 billion during the first quarter, when GM posted revenue of $31.5 billion, a 40 percent increase. GM also generated $1 billion in free cash flow during the quarter.

GM's last quarterly profit came in the second quarter of 2007, when it earned $891 million.

The company's stint in bankruptcy court last summer helped lower GM's break-even point as the automaker shed brands, factories and slashed thousands of jobs.

One quarter does not a turnaround make.  As Wall Street Journal Detroit Bureau Chief Neal Boudette points out, the profit is still well under half of what Ford earned during the quarter.  Still, Boudette says this is news is a very positive sign: