Big US sales push up GM's 1Q profit; company raises guidance
Strong sales in the U.S. helped General Motors increase its first-quarter net profit 19% over a year ago
DETROIT AP" target="_self">(AP) — Strong sales in the U.S. helped General Motors increase its first-quarter net profit 19% over a year ago, leading the company to raise its full-year profit guidance based on expectations demand for its vehicles will remain robust.
The Detroit automaker said Tuesday that it made $2.37 billion from January through March, up from $1.99 billion in the previous year.
Excluding a $900 million charge to pay severance packages to about 5,000 white-collar workers who took buyouts during the quarter, GM made $2.21 per share. That soundly beat analysts' estimates of $1.72, according to FactSet.
Revenue for the quarter came in just shy of $40 million, up 11% from a year ago and beating analysts' expectations of $38.55 billion.
