GM was hurt by mortgage results at its financial operations.
But automotive operations showed some strength.
Net income from GM’s global automotive operations totaled $304 million on an adjusted basis, in the first quarter of 2007 (reported net income of $272 million), compared to $40 million in the year-ago quarter (reported net income of $295 million).
GM sold an all-time first quarter record 2.26 million cars and trucks in the first quarter of 2007, up 3 percent, or 67,000 units, over the first quarter of 2006. Sales in the GM Asia Pacific (GMAP) region grew more than 20 percent; GM Latin America, Africa and Middle East (GMLAAM) grew 17 percent, and GM Europe (GME) grew 6 percent. GM’s all-time sales record was achieved despite challenging market conditions in the U.S. largely due to volatile fuel prices and contraction in the housing market.
Douglas A. McIntyre