DETROIT -- General Motors' first-quarter net income sank 86 percent from a year earlier to $125 million amid heavy costs related to the recall of 7 million vehicles.
The result for the January-March period was GM's worst showing since the six-month period after its emergence from bankruptcy in 2009. But strong pricing on new pickups in the United States helped GM avoid the loss that many analysts had predicted to notch its 17th straight quarterly profit.
The bottom line reflected $1.3 billion in recall-related expenses as well as about $200 million in restructuring costs in GM's European business.
GM also recorded a nonrecurring pretax charge of $427 million, almost entirely for currency fluctuations in Venezuela.
GM's pretax income, including the recall costs, but excluding the one-time items -- the figure the company points to as most reflective of its underlying performance -- dropped 74 percent, to $466 million.
Revenue rose 1 percent to $37.41 billion.
"The performance of our core operations was very strong this quarter," GM CEO Mary Barra said in a statement marking her first quarterly results since taking over the top job on Jan. 15. "Our focus remains on creating the world's best vehicles with the highest levels of safety, quality and customer service, while aggressively addressing our business opportunities and challenges globally."