General Motors 2Q Profit More Than Doubles On U.S. Earnings

Follow CBSDFW.COM: Facebook | Twitter

DETROIT (CBSDFW.COM/AP) — General Motors' second-quarter profit more than doubled to a record $2.87 billion, even as the company cut sales to rental car companies and saw its sales fall in the U.S., its most lucrative market.

The profit was so strong that GM raised its full-year earnings per share guidance by 25 cents to $5.50 to $6.

The Detroit automaker earned $1.81 per share from April through June. Excluding special items, it made $1.86, shattering Wall Street forecasts. Analysts polled by FactSet expected $1.52 per share.

Revenue rose 11 percent to $42.4 billion.

GM's numbers were aided by a small profit in Europe, its first in five years. But the company predicted that wouldn't hold due to fallout from Great Britain's vote to exit from European Union.

General Motors has an assembly plant in Arlington and it is the only GM facility in the world to produce and export full-size sport utility vehicles – including the Chevrolet Tahoe and Suburban, GMC Yukon and Yukon XL and Cadillac Escalade.

(©2016 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)