GM's (GM) Q1 Results Beat the Street, But Traders Hit the Sell Button
Tweet
Share
E-mail
Get Alerts GM Hot Sheet
Join SI Premium – FREE
Investors are selling shares of General Motors (NYSE: GM) Thursday despite a better-than-expected quarterly earnings report from the Detroit, MI-based automaker this morning. GM shares last traded at $31.99, down 3.3 percent from Wednesday's closing price.
General Motors said first-quarter net income rose 255 percent from $900 million during the same quarter last year to $3.2 billion. On a per-share basis, profit totaled $1.77, up 221 percent from earnings of 55 cents.
Adjusting for certain items, GM's quarterly profit came in at 95 cents per common share.
Revenue was $36.2 billion during the first quarter, up almost 15 percent from the year-ago period.
Analysts were looking for EPS of 91 cents on sales of $35.59 billion.
Vehicle sales totaled 2.22 million units, up 11 percent from the 1.99 million reported for the three months ended March 31, 2010. US auto sales came to 593,000 units.
Chairman and CEO Dan Akerson said, "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."
General Motors said first-quarter net income rose 255 percent from $900 million during the same quarter last year to $3.2 billion. On a per-share basis, profit totaled $1.77, up 221 percent from earnings of 55 cents.
Adjusting for certain items, GM's quarterly profit came in at 95 cents per common share.
Revenue was $36.2 billion during the first quarter, up almost 15 percent from the year-ago period.
Analysts were looking for EPS of 91 cents on sales of $35.59 billion.
Vehicle sales totaled 2.22 million units, up 11 percent from the 1.99 million reported for the three months ended March 31, 2010. US auto sales came to 593,000 units.
Chairman and CEO Dan Akerson said, "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."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Etsy upgraded to buy at BofA on durable growth, buyback potential
- Firm Capital Apartment REIT posts Q2 loss, plans name change
- Jefferies Downgrades Sunway Healthcare Holdings (SUNMED:MK) to Hold
Create E-mail Alert Related Categories
EarningsRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
