General Motors Profit More Than Triples To $3.2 Bn, Sees 2011 Improvement

DETROIT: General Motors Co's quarterly profit more than tripled, beating expectations, driven by a recovery in the US market and strong sales in Asia.

The US automaker also said on Thursday it expects its full-year adjusted earnings before interest and taxes to show "solid improvement" from 2010 helped by better pricing and lower fixed costs in North America.

Net income in the first quarter rose to $3.2 billion, or $1.77 a share, compared with $900 million, or 55 cents a share, in the year earlier quarter.

Excluding such one-time items as its sales of stakes in parts maker Delphi and Ally Financial, it earned 95 cents a share. That was 4 cents better than what analysts polled by Thomson Reuters I/B/E/S had expected.

Revenue rose to $36.2 billion from $31.5 billion last year. Analysts had expected $35.59 billion.

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