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Net income in the first quarter rose to $945
million, or 56 cents a share, compared with $125 million, or 6
cents a share, a year earlier. Last year's results included
charges related to recalls including a defective ignition
switch.
Excluding one-time items related to ending manufacturing in
Russia and the compensation program related to the faulty
switch, GM earned 86 cents a share. That was below the 97 cents
analysts polled by Thomson Reuters I/B/E/S had expected.
Revenue fell 4.5 percent to $35.7 billion, below the $37.6
billion analysts had expected. Weaker volume in Brazil and
Russia hurt sales, as well as the impact of weakening currencies
in South America due to the strong U.S. dollar. GM announced in
March it would shut a Russian factory and wind down its Opel
brand there due to slumping demand.
(Reporting by Ben Klayman and Bernie Woodall; Editing by Chizu
Nomiyama)
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