GM turns a profit in Q1 despite massive recall costs

• General Motors (NYSE:GM) posted a significantly lower profit in Q1 due to the high costs of its ignition switch recall.
• The automaker was able to stay in the black as solid pricing trend in North America helped to boost margins.
• As previously reported, GM tallied recall expenses of $1.3B in Q1.
• GM Europe reported an EBIT-adjusted loss of $300M, inclusive of $200M for restructuring costs.
• GM +2.1% premarket despite a miss by the automaker on its top line.