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Stripping out one-time charges, GM earned $2.9 billion, or $1.29
a share, in the latest quarter, up from $1.4 billion, or 58
cents a share, and well ahead of the $1.08 a share forecast of
analysts. Profits rose despite declining global vehicle
deliveries and a 3.5 percent decline in worldwide revenue.
Net income rose to $1.1 billion, or 67 cents a share, from $200
million, or 11 cents a share, a year ago, when it was hurt by a
big charge relating to recall costs.
Shares were up nearly 6 percent in premarket trading on the New
York Stock Exchange.
GM's North American operations generated nearly all of its
operating profit, doubling profits to $2.8 billion on margins of
10.5 percent, which the company said were a record for any
quarter since it emerged from bankruptcy in 2009.
GM said its joint venture operations in China improved profit
margins to 10.2 percent from 10 percent a year ago, despite
sluggish demand in the world's largest car market.
(Additional reporting by Bernie Woodall; Editing by Bernadette
Baum)
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