General Motors truck and SUV sales drive record earnings

Growth at General Motors accelerated past analyst forecasts with a record first-quarter set of earnings.

Driven by sales of full-size trucks and 'crossover' sports utility vehicles in the US, the manufacturer generated revenue of $41.2bn, which was up 10.6% and well ahead of the $40.75bn Wall Street consensus.

This filtered down to earnings per share of $1.70, which was a 35% improvement and left analyst estimates of $1.48 eating dust.

These record numbers were built on record North America revenue up 11% to $29.3bn and adjusted earnings before interest and tax of $3.4bn.

Chief financial officer Chuck Stevens said $400m of the EBIT increase was down to pricing, mainly on trucks and SUVs, and $500m from cutting cost.

Chairman and CEO Mary Barra added: "Our first-quarter results reflect our resolve to grow profitably and demonstrate the strong earnings power of this company.

"More importantly, we advanced our strategic plan to transform GM for the long term and unlock more value for our shareholders."