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Adjusted automotive earnings before taxes were $392 million, up $161 million, despite the significant impact of the American Axle AXL strike and weak U.S. auto industry, GM said. The results were driven by combined earnings before taxes of $1 billion in GM Latin America, Africa and Middle East, GM Asia Pacific and GM Europe, which more than offset a loss at GM North America. Worldwide, GM sold 2.25 million vehicles in the first quarter, down less than 1% from 2.27 million cars and trucks in the 2007 quarter. A record 64% of sales were outside the U.S. Unit sales outside GM North America were up 8%. GM's results come less than a week after competitor Ford F posted a surprise first-quarter profit. In premarket trading, shares of GM, a component of the Dow Jones Industrial Average, were rising 4% to $22.05. Ford was inactive.
The activist, who would own 5.6% of the company if his tender offer for 20 million shares is accepted, made previous attempts to control General Motors and Chrysler.
The activist said he intends to buy 20 million shares of the automaker to increase his stake to 5.6%.
Sales fall to $587.6 million in the first quarter from $802.2 million in the same period last year.
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