GM reports first-quarter profit of $2.9 billion:
Chief Executive Officer
, in a letter to shareholders, said:"Our confidence is strong as we accelerate our transformation, even in the face of a challenging macro environment." GM said its first-quarter results were driven by"improved production and robust customer demand in North America."it could improve wholesale deliveries by 25% to 30% this year, and predicted commodity and logistics costs would rise by $2.5 billion.
First-quarter revenue of $36 billion was up 11% from $32.5 billion a year ago. Diluted earnings per share were $1.35, compared with $2.03 a year earlier, while EPS-diluted-adjusted was $2.09 compared with $2.25 a year ago. GM said it expects full-year EPS-diluted of $5.76 to $6.76, and EPS-diluted-adjusted of $6.50 to $7.50.Reporting by Paul Lienert, Joe White and Ben Klayman in Detroit; Editing by Chris Reese, Jonathan Oatis and Bernard Orr
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