GM earns $2.94bn in Q1

LOS ANGELES, April 27, (AP): General Motors’ net income declined in the first quarter, as the automaker sold fewer cars and trucks worldwide, although higher prices helped boost revenue, especially in North America.

GM late Tuesday reported net income of $2.94 billion, or $1.35 per share, versus a profit of $3.02 billion, or $2.03 per share, in the same quarter last year.

Excluding one-time items, such as costs related to its Cruise autonomous vehicle subsidiary, GM’s earnings amounted to $2.09 per share. Analysts’ consensus estimate was for $1.65 per share, according to FactSet.

Revenue jumped nearly 11% to $35.98 billion, but fell below the $36.89 billion analysts projected.