General Motors Company (NYSE:GM) reported its results for the first quarter. General Motors develops, produces and markets cars, trucks and parts worldwide.
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General Motors Company Earnings Cheat Sheet for the First Quarter
Results: Net income for the domestic automobiles fell to $1 billion (60 cents per share) vs. $3.2 billion ($1.77 per share) a year earlier. This is a decline of 68.8% from the year-earlier quarter.
Revenue: Rose 4.4% to $37.8 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: General Motors Company reported adjusted net income of 93 cents per share. By that measure, the company beat the mean estimate of 84 cents per share. Analysts were expecting revenue of $37.54 billion.
Quoting Management: “The U.S. economic recovery, record demand for GM vehicles in China and the global growth of the Chevrolet brand helped deliver solid earnings for General Motors,” said Dan Akerson, chairman and CEO. “New products are starting to make a difference in South America, but Europe remains a work in progress. We’ll continue to work on both revenue and cost opportunities until we have brought GM to competitive levels of profitability.”
The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with net income of 39 cents versus a mean estimate of net income of 42 cents per share.
Looking Forward: Expectations for the company’s next-quarter results are lower than they have been. Over the past sixty days, the average estimate for second quarter has fallen from $1.20 per share to $1.13. For the fiscal year, the average estimate has moved up from $3.80 a share to $3.86 over the last ninety days.
Competitors to Watch: Ford Motor Company, Toyota Motor Corp., HONDA MOTOR CO., LTD., Daimler AG, Nissan Motor Co., Ltd., Tesla Motors Inc, Volkswagen AG, Tata Motors Limited, Spartan Motors, Inc., and Federal Signal Corporation.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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