General Motors Gains 3% Following Q1 Top And Bottom Line Beat

Shares of General Motors Company GM were trading higher by more than 3 percent early Thursday morning after the company reported its first quarter results. General Motors said that it earned $1.26 per share in the first quarter on revenue of $37.3 billion. Wall Street analysts were expecting the company to earn $1.01 per share on revenue of $35.4 billion. Net income for the quarter rose to $2.0 billion from $0.9 billion a year ago and the company noted it set first-quarter records for earnings and margin, with earnings before interest and tax (EBIT) adjusted to $2.7 billion and EBIT-adjusted margin of 7.1 percent. This compares to last year's EBIT-adjusted of $2.1 billion and EBIT-adjusted margin of 5.8 percent. General Motors cited its positive earnings on improved year-over-year results in all operating segments. GM North America reported a first-quarter EBIT-adjusted of $2.3 billion, GM Europe reported EBIT-adjusted break-even results, GM International Operations reported EBIT-adjusted of $0.4 billion, GM South America reported EBIT-adjusted of $(0.1) billion, GM Financial reported earnings before tax of $0.2 billion. "We're growing where it counts, gaining retail share in the U.S., outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China," said Chairman and CEO Mary Barra. "This strong quarter also reflects the excellent progress we're making to improve results in our more challenged global markets. Importantly, the continued success of our core business is enabling us to invest in advanced technology and innovations that will help shape the future of personal mobility."