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North America, Europe lift GM to record first quarter

The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook

General Motors Co said on Thursday net income for the first quarter of 2016 more than doubled to $2 billion, or $1.24 a share, driven by stronger results in North America and improved performance in Europe.

GM said that excluding a one-time expense for litigation settlements, net income per share for the latest quarter was $1.26, well ahead of analysts’ estimates for the quarter. GM reaffirmed its forecast that full-year net income, adjusted to exclude certain one-time charges, would range between $5.25 and $5.75 a share, up from $5.02 a share in 2015. Revenue for the first quarter rose 4.5 percent to $37.3 billion. Adjusted profit margins for the quarter rose to 7.1 percent of revenue from 5.8 per cent of revenue a year ago.

Source: Reuters