Home Business / Finance North America, Europe lift GM to record first quarter

North America, Europe lift GM to record first quarter

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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