GM earnings more than doubles on U.S. truck demand; shares jump

DETROIT (Reuters) - General Motors Co said Thursday adjusted net income more than doubled in the second quarter, due to robust profit margins driven by North American truck sales and continued strength in China, sending its shares surging in premarket trading.

Stripping out one-time charges, GM earned $2.9 billion, or $1.29 a share, in the latest quarter, up from $1.4 billion, or 58 cents a share, and well ahead of the $1.08 a share forecast of analysts. Profits rose despite declining global vehicle deliveries and a 3.5 percent decline in worldwide revenue.

Net income rose to $1.1 billion, or 67 cents a share, from $200 million, or 11 cents a share, a year ago, when it was hurt by a big charge relating to recall costs.

Shares were up nearly 6 percent in premarket trading on the New York Stock Exchange.

GM's North American operations generated nearly all of its operating profit, doubling profits to $2.8 billion on margins of 10.5 percent, which the company said were a record for any quarter since it emerged from bankruptcy in 2009.

GM said its joint venture operations in China improved profit margins to 10.2 percent from 10 percent a year ago, despite sluggish demand in the world's largest car market.

(Additional reporting by Bernie Woodall; Editing by Bernadette Baum)

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