GM more than doubles first-quarter profit

There were record North American earnings and strong profits from China

FILE - This April 21, 2009, file photo shows General Motors world headquarters in Detroit. A federal bankruptcy judge ruled Wednesday, April 15, 2015, that General Motors is shielded from death and injury claims potentially totaling billions of dollars tied to defective ignition switches in certain GM small cars. (AP Photo/Paul Sancya, File)
(AP Photo/Paul Sancya, File)

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 $1.24 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.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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