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.