General Motors (NYSE: GM) is ripping higher in early trading following strong Q2 results issued ahead of the opening bell.

GM posted Q2 EPS of $1.29 with revenue of $38.2 billion, versus consensus estimates calling for EPS of $1.08 and revenue of $40.62 billion. Earnings growth was 122 percent over last year, while rvenue slipped 3.5 percent.

GM said special items before tax in the quarter included $0.6 billion related to a previously announced currency devaluation in Venezuela, $0.4 billion for asset impairments primarily for GM Thailand, and $0.1 billion for an adjustment to the estimated cost of the ignition switch compensation program. The comapny also attributed the negative change in revenue to an impact from foreign exchange.

GM also reaffirmed its 2015 outlook for improved EBIT-adjusted and EBIT-adjusted margin, compared to 2014.

Segment EBIT-adjusted Results

• GM North America reported EBIT-adjusted of $2.8 billion with an EBIT-adjusted margin of 10.5 percent. These results included the impact of $0.2 billion for restructuring costs. This compared with EBIT-adjusted of $1.4 billion in the second quarter of 2014, which included the impact of recall-related costs of $1.0 billion.
• GM Europe reported EBIT-adjusted of $(0.0) billion. This compares with EBIT-adjusted of $(0.3) billion in the second quarter of 2014, which included $0.2 billion for restructuring costs.
• GM International Operations reported EBIT-adjusted of $0.3 billion, compared to $0.3 billion in the second quarter of 2014. Results included China equity income of $0.5 billion, which generated a 10.2 percent net income margin.
• GM South America reported EBIT-adjusted of $(0.1) billion, compared with EBIT-adjusted of $(0.1) billion in the second quarter of 2014.
• GM Financial earnings before tax was $0.2 billion for the quarter, compared to $0.3 billion in the second quarter of 2014.

Embedded below is supplementary financial information for the quarter: