GM profit falls 69%, despite gains in US
General Motors on Thursday said its profit increased 30 percent in North America in the first quarter, but a loss in Europe and a one-time charge contributed to a 69 percent decline in total earnings. GM posted $1 billion in net income attributable to common stockholders in the quarter, down from $3.2 billion a year earlier, when it benefited from several large isolated gains. Revenue in this year’s quarter increased 4 percent to $37.8 billion. Despite the overall earnings decline, GM surpassed analyst estimates that averaged 85 cents a share, excluding taxes, interest, the charge and other special items. On that basis, GM earned $2.2 billion, or 93 cents per fully diluted share, up from $2.0 billion, or 95 cents a share, a year ago.