UPDATE: GM Quarterly Profit Tumbles 69%

General Motors Co. netted $1 billion in the first quarter of this year compared with $3.2 billion in the same period of 2011.

Revenue grew 4% to $37.8 billion. Sales rose 3% to 2.3 million vehicles worldwide, bolstered by record sales of GM vehicles in China.

Last year's first quarter was boosted by a $1.6 billion gain from the sale of GM's stake in former parts unit Delphi Automotive LLP. Operating income excluding one-time items increased to $2.2 billion from $2 billion a year earlier.

First-quarter results varied dramatically by region:

NORTH AMERICA: Operating profit jumped 35% to $1.7 billion, aided by higher volume and improved pricing. Operating margin expanded to 7% from 5.6%, and revenue grew 9% to $24.2 billion.

U.S. sales rose 3% to 608,000 vehicles, which included a 3.1-point increase in GM's fleet mix to 26.7%. GM expects similar strength in the second and third quarters of 2012.

EUROPE: Operating results swung to a $256 million loss in the latest quarter from a $5 million profit a year earlier. The company also took $590 million in writedowns in the region. Revenue dropped to $5.5 billion from $6.9 billion. Chevrolet boosted its volume in Europe 9% to 122,000 vehicles.

But sales of Opel and Vauxhall brand vehicles fell 14% to 275,000 units. CEO Dan Akerson says GM will announce plans for its Opel restructuring in the next three months.

SOUTH AMERICA: Operating income slipped $7 million to $83 million. Revenue edged up 1% to $3.9 billion. Sales were little changed at 248,000 vehicles.

INTERNATIONAL: Earnings fell 10% to $529 million for GM's other international operations, including Asia. Revenue jumped to $6.1 billion from $5.2 billion a year earlier. Sales increased 9% to 928,000 vehicles.

GM Financial doubled its operating earnings to $200 million in the January-March period.

The company generated $300 million in automotive free cash flow in the quarter compared with a $1.9 billion outflow a year earlier. GM had $31.5 billion in cash on March 31, down $100 million from the end of 2011.