GM Nets $2 Billion in First Quarter

First-quarter net income for General Motors Co. surged to $2 billion from $945 million in the same period last year. Adjusted earnings before interest and taxes jumped 28% to $2.7 billion.

Revenue in January-March rose 4% to $37.3 billion in spite of a 3% decline to 2.4 million vehicle sales, thanks to booming sales of high-profit pickup trucks and SUVs.

Vehicle deliveries in the U.S. for the period were unchanged at 684,000 units. But the company raised its retail market share 1.1 points to 16.6%. Combined sales in Canada and Mexico advanced 8% to 115,000 vehicles.

GM’s first-quarter unit sales climbed 9% to 293,000 cars and trucks in Europe. But they fell 24% to 114,000 vehicles in South America and dropped 10% to 130,000 units in Asia and elsewhere. Volume in Africa, Asia Pacific and the Middle East was flat at 1.13 million units.

The company’s North American operations saw first-quarter EBIT rise 5% to $2.3 billion. GM Europe almost broke even, as a barrage of new models for its Opel brands helped slash the unit’s pre-tax loss to $6 million from $239 million for the period last year.

In South America, GM’s pretax loss shrank to $67 million from $214 million, aided by a 20% reduction in its workforce. EBIT in China was unchanged at $518 million.