GM Net Income Falls 14% To $865 Million In First Quarter

DETROIT (WWJ) -- GM has earned $865 million in the first quarter, down slightly from the $1 billion they made during the same period last year.

The company cut its losses a bit in Europe, losing $200 million, compared to $300 million at the same time last year. But earnings in North America fell by about $200 million to $1.4 billion.

Interview: WWJ's Jeff Gilbert talks with GM CFO Dan Ammann.

GM revenues were down slightly, to $36.9 billion. GM says it was also impacted by $1 billion in restructuring costs.

This is General Motors 13th consecutive quarterly profit. Overall, CEO Dan Akerson says it was a solid quarter.

“The year is off to a solid start as we increased our global share with strong new products that are attracting customers around the world,” he said. “In addition, we saw progress in Europe thanks to strong cost actions and great vehicles like the Opel Adam and Mokka.”

General Motors expects earnings to rise as the year goes on, and they begin a series of new product launches. The company’s new Impala big car is just hitting the market, and its new Silverado and Sierra pickups will launch this summer.

Chevy dealers will see the new Corvette Convertible in the fall.

GM Chief Financial Officer Dan Amman says that globally, the company will launch 40 new vehicles this year.

“In the automotive business, outstanding product is what wins.”

Written by Jeff Gilbert. Connect with Jeff at jdgilbert@cbs.com, facebook.com/carchronicles and @jefferygilbert.