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DETROIT (AP) — General Motors’ first-quarter profit rose 34 percent as the company’s strong truck and SUV lineup helped it increase U.S. sales when the rest of the industry is slowing.
The Detroit automaker says its net income was $2.6 billion, or $1.70 per share, from January through March on strong profits in North America and China. The earnings were a first-quarter record since the company left bankruptcy in 2009.
The earnings shattered Wall Street expectations. Analysts polled by FactSet expected $1.47 per share.
Revenue rose 11 percent to $41.2 billion, also beating estimates of $40.6 billion.
GM made $3.4 billion before taxes in North America, up almost 50 percent in its most lucrative market. U.S. sales rose just under 1 percent in the quarter while the whole was down 1.5 percent.
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