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North American Results Boost GM Earnings
General Motors Co. boosted net earnings to $945 million in the first quarter of 2015 from $213 million in the same period last year.
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General Motors Co. boosted net earnings to $945 million in the first quarter of 2015 from $213 million in the same period last year.
Unit deliveries rose 2% to 2.40 million units as gains in China and North America offset slumps in Brazil and Russia. Unfavorable exchange rates caused revenue to drop 5% to $35.7 billion.
Special charges included a $100 million addition to the company's ignition-switch recall compensation fund and $400 million to halt operations in Russia.
GM's adjusted earnings before interest and taxes, which include $1.3 billion in recall expenses, quadrupled to $2.1 billion. EBIT, led by strong results in North America, improved in all other regions except South America.
In North America, an 8.8% operating margin and $2.2 billion operating profit were the region's best results since GM emerged from bankruptcy nearly six years ago.
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