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GM Doubles First-Quarter Net Income
General Motors Co. reports its adjusted net income zoomed to $2.2 billion in January-March from $1 billion a year earlier, when restructuring costs in South Korea hurt results.
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General Motors Co. reports its adjusted net income zoomed to $2.2 billion in January-March from $1 billion a year earlier, when restructuring costs in South Korea hurt results.
GM’s first-quarter revenue slipped 3% to $34.9 billion, and unit sales dropped 10% to 1.88 million cars and trucks. Adjusted pretax earnings fell 11% to $2.3 billion, mainly because of slumping sales in China (-17% to 813,400 units) and North America (-6% to 775,000).
The company previously cautioned that its first quarter would be the weakest of the year, as it moved to align capacity in North America with market demand. The company’s revenue sagged more than $500 million below what analysts expected.
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