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GM profits doubled, earn more than $1.95 billion

Published  April 21, 2016 8:20am EDT
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DETROIT (AP) - General Motors' first-quarter profit more than doubled on record earnings in North America, strong China profits and a break-even performance in Europe.

The Detroit automaker earned $1.95 billion, or $1.24 per share, even after a $500 million cash investment in ride-sharing company Lyft.

After $300 million mainly for union worker buyouts and $60 million to settle stockholder lawsuits, GM earned $1.26 per share. That soundly beat Wall Street forecasts. Analysts polled by FactSet expected $1 per share.

Revenue was $37.3 billion, up 4.4 percent, beating estimates of $34.9 billion.

GM continued to do well in its home market on strong truck and SUV sales. North American pretax profits set a first-quarter record of $2.3 billion. The company broke even in Europe compared with a $200 million loss a year ago.

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The story corrects adjusted earnings per share to $1.26 instead of $1.24.