NEW YORK (Standard&Poor's) May 5, 2011--Standard&Poor's Ratings Services said today that it views General Motors Co.'s (GM; BB-/Positive/--) first-quarter 2011 earnings, announced today, as consistent with our rating and outlook on the company. The automaker announced a consolidated net income of $3.2 billion for the first quarter, including $1.5 billion of net gains. Operating results in the quarter benefited from continued profitability in North America; first-quarter adjusted EBIT was up slightly above the first-quarter 2010 level. However, first-quarter North American adjusted EBIT margin was 5.9%, down from the 6.2% margin in first-quarter 2010, but above the 3.6% reported in the fourth quarter. Global adjusted EBIT margin in the first quarter was 5.5%, about the same as
