Gneral Motors Down 3% Despite Strong Earnings (GM)

Shares of General Motors Company GM are down over 3% today, as Wall Street votes with its dollars that the company's earnings report did not live up to expectations. The company reported earnings of 95 cents per share on revenues of $36.2 billion. This compares to Wall Street estimates of 91 cents per share on revenues of $35.6 billion. Earlier in the week, GM announced that April sales rose 27%, thanks in large part to the Chevrolet Cruze. "We are making steady progress, but there is more work to do," Chairman and Chief Executive Daniel Akerson said on a conference call today. In the earnings press release, Akerson went on to say, “We are on plan. GM has delivered five consecutive profitable quarters, thanks to strong customer demand for our new fuel-efficient vehicles and a competitive cost structure that allows us to leverage our strong brands around the world and focus on driving profitable automotive growth.” “GM has great potential to deliver profitable growth around the world as the recovery continues,” said Dan Ammann, senior vice president and CFO. “While we're encouraged, we keenly recognize we have more opportunities to leverage our scale, improve spending and investment efficiencies, and optimize our strong balance sheet.”