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DETROIT — General Motors, after losing more than $18 billion in Europe since 1999, narrowed its first-quarter loss in the region, helping it beat analysts’ estimates.
GM’s European adjusted loss before interest and taxes was $175 million, versus $294 million a year earlier. Companywide profit excluding one-time items was 67 cents a share, exceeding the 54-cent average of 16 estimates compiled by Bloomberg.
The results in Europe suggest GM’s cost cuts are starting to offset declining industrywide sales, which are heading toward 20-year lows.
The largest US automaker in the fourth quarter took a $5.2 billion write-down of European assets to reflect tougher conditions.