NEW YORK - General Motors lifted its 2016 profit forecast Thursday following strong second-quarter earnings that included a big jump in operating profits in the key North America region.
General Motors has lifted its 2016 profit forecast
Net income for the quarter ending June 30 more than doubled to $2.9 billion from $1.1 billion in the year-ago period.
Revenues jumped 11 percent to $42.4 billion.
"When you deliver cars, trucks and crossovers customers really value, and generate efficiencies across the enterprise, great results follow," said chief financial officer Chuck Stevens.
"With our aggressive vehicle launch cadence and robust global industry sales, we are confident that we can continue to achieve strong financial performance."
The results demonstrated continued strong sales in North America, where cheap gasoline and easy access to credit have led to a multi-year auto boom favoring trucks and sport utility vehicles.
Some analysts have predicted US auto sales growth will slow in 2016.
Other highlights included GM's first quarterly operating profit in Europe in five years. GM also pointed to strong sales in China.
The biggest US automaker now expects 2016 earnings of $5.50 to $6.00 a share, up from the prior range of $5.25 to $5.75 a share. Earnings in 2015 were $5.02 a share.
Shares of GM jumped 4.0 percent in pre-market trade to $32.76.