GM beats on earnings for 1st quarter
- 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 $1.43 per share on revenue of $36.1 billion.
Analysts anticipated $1.24 per share, according to Reuters.
The automaker took a nearly $1-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.
