This morning, General Motors reported a net income of $125 million, down 86 percent on a year-over-year basis, though still marking the company’s 17th consecutive profitable quarter. The Q1 results would have been higher, if not for the $1.3 billion spent on all of the recalls that took place at the end of the quarter. Revenue for the automaker rose to $37.4 billion, up from $36.9 billion a year earlier, beating analyst estimates.
In Europe, GM’s loss widened from $152 million to $284 million as GM incurred restructuring costs associated with reducing production capacity, but things seem to be improving faster than anticipated. Meanwhile, pre-tax profits at GM’s International Operations division fell 47 percent to $252 million, while Chinese market profits rose 9 percent.
GM’s South American division posted a pre-tax loss of $156 million in the politically-volatile region — a figure that does not include $419 million in charges associated with Venezuelan currency fluctuations.
Lastly, GM’s Q1 global market share fell 0.2 percent to 11.1 percent from 11.3 percent a year ago. While the company gained in Asia, Middle East and Africa from 9.8 percent to 10 percent, GM’s U.S. market share fell from 17.7 percent to 17 percent.