GM Beats Estimates as Europe Loss Narrows

DETROIT ( TheStreet) -- GM ( GM) beat earnings estimates despite weaker results in North America, Asia and South America.

Excluding items, the automaker earned 67 cents a share in the first quarter. Analysts surveyed by Thomson Reuters had estimated 54 cents. Revenue fell 2% to $36.9 billion; analysts had estimated $36.6 billion.

Including items, GM earned $865 million, down 14%, or 58 cents a share.

In premarket trading, GM shares were up 87 cents to $31.05.

The automaker reduced its European loss to $175 million from $294 million in the same quarter a year earlier. In North America, earnings before interest and taxes declined to $1.4 billion from $1.6 billion. In Asia, EBIT fell to $495 million from $521 million. In South America, GM lost $38 million, down from EBIT of $153. Overall EBIT was $1.9 billion, down from $2.2 billion.

"The year is off to a solid start as we increased our global share with strong new products that are attracting customers around the world," said CEO Dan Akerson in a prepared statement. "In addition, we saw progress in Europe thanks to strong cost actions and great vehicles like the Opel Adam and Mokka."

-- Written by Ted Reed in Charlotte, N.C.

>To contact the writer of this article, click here: Ted Reed

If you liked this article you might like

For Tesla, It's Still All About the Model 3

For Tesla, It's Still All About the Model 3

Toyota Dominates 2018 Consumer Reports Rankings

Toyota Dominates 2018 Consumer Reports Rankings

18 Best Stock Picks for the Impending Consumer Spending Boom

18 Best Stock Picks for the Impending Consumer Spending Boom

AT&T 5G and 4 Other Top Stories You Need to Know Before You Trade Wednesday

AT&T 5G and 4 Other Top Stories You Need to Know Before You Trade Wednesday

Wendy's, Roku, GM, AT&T and 3M - 5 Things You Must Know

Wendy's, Roku, GM, AT&T and 3M - 5 Things You Must Know