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In this Monday, Jan. 28, 2013 file photo, cars move along an assembly line at the General Motors Fairfax plant in Kansas City, Kan. General Motors\' net income fell 14 percent in the first quarter, as it earned less money in North America while preparing to launch a redesigned version of its best-selling vehicle, the Silverado pickup. (AP Photo/Orlin Wagner, File)

GM net income falls 14 pct to $865 million in 1Q on Europe losses, lower profit in N.A.

DETROIT – General Motors’ net income fell 14 per cent to $865 million in the first quarter, weighed down by losses in Europe and weaker earnings in North America.

GM earned 58 cents per share, compared with 60 cents per share in the January-March period a year ago.

Without one-time items, including a charge for currency devaluation in Venezuela, GM earned 67 cents per share, compared with analysts’ forecast of 54 cents. Analysts typically don’t take special items into account.

Revenue fell 2.3 per cent to $36.9 billion, still slightly ahead of Wall Street’s expectation of $36.6 billion, according to analysts polled by FactSet.

Worldwide sales rose 3.6 per cent to more than 2.3 million cars and trucks.

GM earned $1.4 billion in North America, down 12.5 per cent from a year ago.

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