America's largest auto manufacturer reported sales of $41.2 billion, ahead of the Factset consensus for a top line of $40.83 billion. Net income came in at $2.6 billlion, a strong beat against forecasts for a bottom line of $2.26 billion, and marking a 33.5% increase from the same period one year ago. Earnings per share were $1.70 against estimates for a print of $1.47.
GM rose more than 2.3% in premarket trading, to change hands at $35.66, which implies that the stock will swing from a year-to-date loss to a gain after the opening bell.
GM recently found itself under siege from activist investor David Einhorn of Greenlight Capital, who is demanding that the company adopt a new share structure that would better reward different types of investors.
Einhorn wants two separate classes of shares, one which pays dividends, and another whose returns are tied to the company's growth.
The activist's push came after GM stock underperformed the market in 2016 and during the first quarter. The company was very briefly eclipsed by Elon Musk's Tesla as America's largest automaker by market value earlier in April.
GM rejected Einhorn's proposal, which also raised eyebrows among ratings agencies.
It countered; "The rating agencies' public statements issued regarding the Greenlight proposal clearly indicate that they understood the idea in all its facets, and would represent a credit negative if implemented. Any suggestion to the contrary is baseless and irresponsible."
Shareholders will vote on the proposals at a the company's annual general meeting on June 6.