General Motors first-quarter profit more than doubles

General Motors rallied in pre-market trade as it said first-quarter net income more than doubled compared with the previous year.

General Motors reported first-quarter net income of $2bn, or $1.24 per diluted share, up from $900m or $0.56 in the same period a year ago thanks to solid performances in the US and Europe.

Excluding a one-off expense for litigation settlements, EPS came in at $1.26, which is a 47% increase on 2015.

Analysts had been expecting EPS of $1.

Meanwhile, revenue rose to $37.3bn from $35.7bn the previous year. At constant exchange rates, revenue was $2.9bn higher than the first quarter of 2015.

The company posted record adjusted first-quarter earnings before interest and tax of $2.3bn, which includes $200m for restructuring costs. This compares with $2.2bn in the same quarter a year ago.

“We’re growing where it counts, gaining retail share in the US, outpacing the industry in Europe and capitalising on robust growth in SUV and luxury segments in China,” said chairman and chief executive officer 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.”

GM shares were up 4% in pre-market trade to $32.20.