GM beats on earnings for 1st quarter

Bill Pugliano / StringerGM CEO Mary Barra.

  • GM beat analysts expectations for first-quarter earnings.
  • The automaker cited costs in the quarter related to new pickups and its struggling GM Korea business.
  • GM shares are down about 9% year-to-date.

General Motors reported first-quarter earnings Thursday, beating expectations with earnings of $US1.43 per share on revenue of $US36.1 billion.

Analysts anticipated $US1.24 per share, according to Reuters.

The automaker took a nearly $US1-billion charge related to its ongoing struggles to fix its GM Korea business and also suffered somewhat from a major manufacturing shift for its new full-size pickups, bestsellers for the company.

“Results this quarter were in line with our expectations with planned, lower production in North America related to the transition to our all-new Chevrolet Silverado and GMC Sierra,” CEO Mary Barra said in a statement.

GM shares were flat in pre-market trading. The stock has declined almost 9% year-to-date.

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