LOS ANGELES, CA (Catholic Online) - General Motors made $1.5 billion in the second quarter of 2012, compared with $2.5 billion for the same period last year. Revenue fell to $37.6 billion from $39.4 billion in the second quarter of 2011.

"Our results in North America were solid, but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America," GM chairman and CEO Dan Akerson said. "Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade."

GM is trying to restructure its European unit and has recently replaced several of its top executives in Europe. The company is planning to close at least one plant in Europe by 2016. GM CEO Dan Ammann stresses that  there were no immediate plans to announce more job cuts or factory closings in Europe.

While GM's North America sales remain brisk, the slowdown of the U.S. economy has slowly but surely been taking its toll. GM and Ford announced this week that sales had slipped in July; GM deliveries fell 6.4 percent and Ford 3.8 percent, according to statements.

GM's fortunes have bounced back dramatically since its emergence from bankruptcy in 2009. The firm said it sold 2.39 million cars during the quarter, compared with 2.32 million a year ago. GM had $32.6 billion in cash reserves and other liquid assets at the end of the quarter.

The government-backed bailout has become a political hot potato, as GOP presidential candidate Mitt Romney has been a persistent critic of the bailout, running ads that highlight the plight of auto dealerships closed as a condition of the government-managed bankruptcies.

In contrast, President Barack Obama has championed the bailouts for saving over a million US jobs and criticized Romney for his 2008 New York Times editorial entitled "Let Detroit Go Bankrupt."

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