This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

GM's Net Income Drops 14%: Ahead of the Ticker

NEW YORK ( TheStreet) -- General Motors (GM - Get Report) posted a 14% drop in net income in the first quarter, yet still reported stronger-than-expected quarterly earnings on Thursday.

GM earned $865 million, or 58 cents a share, down from $1 billion, or 60 cents a share, in the same period last year. Excluding items, GM earned 67 cents a share, beating analysts' forecast for earnings of 54 cents, according to Thomson Reuters.

Weaker volume and reduced vehicle prices led to the drop in net income.

GM's North American unit reported better-than-expected operating profit of $1.41 billion, surpassing estimates of $1.21 billion. The company's earnings in North America are still down 12.5% from a year ago on reduced shipments of pickup trucks ahead of GM's launch of the redesigned Chevrolet Silverado and GMC Sierra.

GM's $175 million loss in Europe was also narrower than the $469 million loss analysts expected, according to FactSet StreetAccount.

The Silverado and Sierra are among the company's most profitable vehicles. They are expected to go on sale in a few weeks.

Royal Dutch Shell Chief Executive Peter Voser is stepping down in an unexpected move.

Voser will retire from the company in the first half of 2014. He said he made the decision as he felt it was time for a "change in my lifestyle."

Shell said it will consider both internal and external candidates to replace Voser.

Shares of Shell have climbed nearly 50% since Voser became CEO in July 2009. The news comes as Shell reported better-than-expected first-quarter profit that rose 3% from a year ago to $7.5 billion. The results were driven by improved profit margins in the company's refining and marketing unit.

"These results were underpinned by Shell's growth projects, an improvement in downstream profitability, and were delivered despite a difficult security environment in Nigeria," Voser said.

Looking ahead, Voser said there continues to be "significant" energy price volatility in the industry due to economic and political challenges.

Ford (F - Get Report) is planning to invest $1.1 billion on plant expansion and also create thousands of new jobs.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
F $13.56 0.00%
GM $31.80 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs