Quantcast
Channel: National and World News | Youngstown, OH | WKBN.com
Viewing all articles
Browse latest Browse all 9787

GM more than doubles first-quarter profit

$
0
0

DETROIT (AP) – General Motors’ first-quarter profit more than doubled on record earnings in North America, strong China profits and a break-even performance in Europe.

The Detroit automaker earned $1.95 billion, or $1.24 per share, even after a $500 million cash investment in ride-sharing company Lyft.

After $300 million mainly for union worker buyouts and $60 million to settle stockholder lawsuits, GM earned $1.24 per share. That soundly beat Wall Street forecasts. Analysts polled by FactSet expected $1 per share.

Revenue was $37.3 billion, up 4.4 percent, beating estimates of $34.9 billion.

GM continued to do well in its home market on strong truck and SUV sales. North American pretax profits set a first-quarter record of $2.3 billion. The company broke even in Europe compared with a $200 million loss a year ago.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)



Viewing all articles
Browse latest Browse all 9787

Trending Articles



<script src="https://jsc.adskeeper.com/r/s/rssing.com.1596347.js" async> </script>