DETROIT -- Overseas, General Motors faces storm clouds. South America is losing money. Europe's hopes to reach breakeven this year are threatened by the aftershocks of the U.K.'s Brexit vote. Profits are good but flat in China, with second-quarter margins dipping to 9.5 percent from 10.2 percent a year ago. GM says its international operations -- everything outside of Europe and the Americas -- will "remain difficult" in the second half.
But at home, boy, is GM churning out profits.
North American operations' pretax profit jumped 31 percent in the second quarter to $3.65 billion from the year-earlier period, despite a drop of 5.7 percent in overall North American unit sales. North America-heavy GM Financial joined the party, topping all overseas operations with a pretax profit of $266 million, up 18 percent.
"It was truly an outstanding quarter," said CFO Chuck Stevens. "Fundamentally the results are underpinned by great performance and continued strength in North America and another quarter of strong performance in China."
Overall, GM's net income more than doubled to $2.87 billion, as revenue rose 11 percent to $42.37 billion, a record for any quarter since GM's emergence from bankruptcy in July 2009.
The surge in net was aided by comparison with a weak year-earlier quarter, when net was $1.12 billion after the automaker took special charges of $1.11 billion. The latest quarter's special charges were just $115 million.