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GM's quarterly earnings more than triple year-on-year

05-06-2011 09:28 BJT

CHICAGO, May 5 (Xinhua) -- General Motors Co. reported Thursday that its earnings more than tripled year-on-year during the first quarter of 2011.

The Detroit-based U.S. automaker said that it earned 3.2 billion dollars, or 1.77 dollars per share in the first quarter, compared with 865 million dollars in the first quarter of last year.

The stronger-than-expected earnings included gains of 1.6 billion dollars and 0.3 billion dollars respectively related to the sales of the company's interest in Delphi Automotive LLP and Ally Financial Inc, as well as a 400 million dollar charge in Europe due to a change in accounting standards.

Excluding one-time items, the biggest U.S. automaker earned about 1.7 billion dollars, or 95 cents per share, which marked its best quarterly performance since at least 2000, while beating analysts'estimates of 1.6 billion dollars, or 88 cents per share.

Revenue increased 4.7 billion dollars, or 15 percent, to 36.2 billion dollars, compared with the first quarter of 2010, driven by a 25 percent jump in U.S. auto sales and a 10 percent gain in China, which has emerged as GM's biggest market.

The brisk sales of small cars like the new Chevrolet Cruze, and efficient crossover vehicles such as the Chevrolet Equinox and GMC Terrain, helped contribute to the strong gains in revenue, as rising gas prices make small cars more appealing to consumers.

"We are on plan," Dan Akerson, chairman and CEO said in a statement."GM has delivered five consecutive profitable quarters, thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth."

GM's earnings before interest and tax (EBIT) totaled 2.9 billion dollars in North American market during the quarter, compared to a 1.2 billion profit in the first-quarter last year. GM raised U.S. prices by nearly 1 percent since the end of last year and has cut spending on incentives.

 

Editor:Du Xiaodan |Source: Xinhua

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