General Motors Misses Q1 Views, Shares Fall

Shares of

dropped over 3 percent in pre-market trading after the company reported weaker-than-expected results for the first quarter. The Detroit, Michigan-based company reported quarterly net income of $945 million, or $0.56 per share, versus $125 million, or $0.06 per share, in the year-ago period. Excluding one-time items, GM earned $0.86 per share. Its revenue dropped 4.5 percent to $35.7 billion. However, analysts were expecting earnings of $0.97 per share on revenue of $37.6 billion. In North America, GM reported EBIT-adjusted of $2.2 billion, versus EBIT-adjusted of $0.6 billion, in the year-ago quarter. The average estimate among 31 Estimize users was for earnings of $1.05 per share and revenue of $39.04 billion. GM shares fell 3.12 percent to $36.00 in pre-market trading.