GM posts strong profit as N. America, Europe better than expected
DETROIT May 2 (Reuters) - General Motors Co posted a stronger-than-expected quarterly profit on Thursday as its North American business was better and its loss in Europe was smaller than Wall Street estimated.
Net income attributable to common stockholders fell to $865 million, or 58 cents a share, in the first quarter, compared with $1 billion, or 60 cents a share, in the year-earlier period.
The latest quarter included a $162 million noncash charge for the devaluation of the Venezuelan currency.
Excluding one-time items, GM earned 67 cents, topping the analysts' estimate of 54 cents, according to a poll by Thomson Reuters I/B/E/S.
Revenue fell 2.4 percent from last year to $36.9 billion, and was just above the Wall Street target of $36.6 billion.
- White House reverses, says Obama met uncle and lived with him during law school
- Flights delayed as air pollution hits record in Shanghai
- South Africa mourns Mandela, will bury him on December 15 |
- Analysis: Boeing bidders dangle goodies to win 777X jetliner
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image