General Motors Posts Strong First-Quarter Income, Car Sales: Associated Press

General Motors announced that its first-quarter net income more than tripled on strong car sales in the U.S. and China, according to the Assocaited Press.

The company’s first-quarter net income totaled US$3.2 billion, or US$1.77 per share, one of its best performances since the SUV boom in the early 2000s. It was GM’s fifth straight quarterly profit since late 2009, the year it emerged from bankruptcy.

Quarterly revenue rose 15 per cent to US$36.2 billion. Worldwide sales climbed 12 per cent, including a 25-per cent jump in the U.S.

GM’s net income includes a US$1.6 billion gain from the sale of its stake in Delphi Automotive, its former auto parts division. Without one-time items, GM earned 82 cents per share.

GM earned US$900 million, or 55 cents per share, in the first quarter of 2010.