General Motors Co said on Tuesday it earned $2.9 billion in the first quarter, versus analyst estimates of $2.45 billion, and expects full-year net profit of between $9.6 billion and $11.2 billion.
GM reaffirmed full-year prospects for adjusted operating income of between $13 billion and $15 billion.
Chief Executive Mary Barra, in a letter to shareholders, said: “Our confidence is strong as we accelerate our transformationeven in the face of a challenging macro environment.”
GM said its first-quarter results were boosted by “improving production and strong customer demand in North America“.
The automaker said on February 1 that it could improve wholesale deliveries by 25% to 30% this year, predicting that raw material and logistics costs would increase 2,500 million dollars.
First-quarter revenue of $36 billion was up 11% from $32.5 billion a year ago.
Diluted earnings per share were $1.35, down from $2.03 a year ago, while adjusted earnings per share were $2.09, down from $2.25 a year ago.
GM said it expects full-year diluted earnings per share of $5.76 to $6.76, and adjusted earnings per share of $6.50 to $7.50.
GM shares were down 0.1% in after-hours trading at $38.
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