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Europe losses hurt GM profit


General Motors Co. posted a first-quarter profit of $1 billion on Thursday, exceeding forecasters’ expectations, but losses in Europe totaling $256 million caused profits to increase at a slower rate, according to Bloomberg.

The once-struggling automaker has now posted profits for nine consecutive quarters.

“The U.S. economic recovery, record demand for GM vehicles in China and the global growth of the Chevrolet brand helped deliver solid earnings for General Motors,” said Dan Akerson, chairman and CEO, in a press release. “New products are starting to make a difference in South America, but Europe remains a work in progress. We’ll continue to work on both revenue and cost opportunities until we have brought GM to competitive levels of profitability.”

Ford Motor Co. had similar results after European losses, with profit sliding 45 percent to $1.4 billion.

GM’s earnings were up $800 million from a year earlier, according to Bloomberg, which the company attributed to better pricing.

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