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GM beats 1Q profit forecasts

DETROIT – DETROIT (AP) _ General Motors Co. (GM) on Thursday reported first-quarter net income of $2 billion.

The Detroit-based company said it had net income of $1.24 per share. Earnings, adjusted for non-recurring costs, were $1.26 per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.

The automaker posted revenue of $37.3 billion in the period.

GM shares have fallen slightly more than 5 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 3 per cent. The stock has declined 13 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GM at http://www.zacks.com/ap/GM

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Keywords: General Motors, Earnings Report, Priority Earnings