GM earned $2 billion in 1Q

Staff report

DETROIT

General Motors Co. on Thursday announced first-quarter net income to common stockholders of $2 billion or $1.24 per diluted share, compared with $0.9 billion or $0.56 per diluted share a year ago.

The earnings increase was driven by improved year-over-year results in all reporting segments, including a break-even performance in Europe.

“We’re growing where it counts, gaining retail share in the U.S., outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China,” said Mary Barra, GM chairman and CEO, in a statement. “This strong quarter also reflects the excellent progress we’re making to improve results in our more challenged global markets.”

Earnings per diluted share, adjusted for special items, was a first-quarter record at $1.26, up 47 percent compared with the first quarter of 2015.

The company set first-quarter records for earnings and margin, with earnings before interest and tax (EBIT) adjusted of $2.7 billion and EBIT-adjusted margin of 7.1 percent. These compare with EBIT-adjusted of $2.1 billion and an EBIT-adjusted margin of 5.8 percent in the first quarter of 2015.

First-quarter 2016 EBIT-adjusted results included the impact of $0.3 billion restructuring costs, primarily in North America, compared with $0.1 billion in restructuring costs a year ago.

Net revenue during the quarter was $37.3 billion compared with $35.7 billion in the first quarter of 2015. Holding exchange rates constant, net revenue was $2.9 billion higher than the first quarter of 2015.