GM reports first-quarter profit of $2.9 billion

General Motors said it earned $2.9 billion in the first quarter, compared with analysts’ estimates of $2.45 billion, and expects full-year net income of $9.6 billion to $11.2 billion.

GM reaffirmed its full-year outlook for adjusted EBIT of $13.0 billion to $15.0 billion.

Chief Executive Officer Mary Barra, 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.”

The automaker said on Feb. 1 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.

GM shares were down 0.1% in after-hours trade at $38.

Reporting by Paul Lienert, Joe White and Ben Klayman in Detroit; Editing by Chris Reese, Jonathan Oatis and Bernard Orr

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