=General Motors (GM) reported earnings on Thur 21 Apr 2016 (b/o)

General Motors beats by $0.26, beats on revs :

• Reports Q1 (Mar) earnings of $1.26 per share, excluding non-recurring items,$0.26 better than the Capital IQ Consensus of $1.00; revenues rose 4.5% year/year to $37.3 bln vs the $34.55 bln Capital IQ Consensus. 
• The company set first-quarter records for earnings and margin, with earnings before interest and tax (:EBIT) adjusted of $2.7 billion and EBIT-adjusted margin of 7.1 percent. These compare to EBIT-adjusted of $2.1 billion and an EBIT-adjusted margin of 5.8 percent in the first quarter of 2015. The earnings increase was driven by improved year-over-year results in all reporting segments, including breakeven performance in Europe.
  • GM North America reported first-quarter record EBIT-adjusted of $2.3 billion, which includes $0.2 billion for restructuring costs. This compares with $2.2 billion in the first quarter of 2015.
  • GM Europe reported EBIT-adjusted break-even results compared with $(0.2) billion in the first quarter of 2015.
  • GM International Operations reported EBIT-adjusted of $0.4 billion compared with $0.4 billion in the first quarter of 2015. Results included China equity income of $0.5 billion in both periods.
• "We're growing where it counts, gaining retail share in the U.S., outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China," said Chairman and CEO Mary Barra. "This strong quarter also reflects the excellent progress we're making to improve results in our more challenged global markets. Importantly, the continued success of our core business is enabling us to invest in advanced technology and innovations that will help shape the future of personal mobility."