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

More from Stocks

Quick Read: 3 Things for Investors to Know Before Wednesday's Trading Session

Quick Read: 3 Things for Investors to Know Before Wednesday's Trading Session

Replay: Jim Cramer on the Markets, Oil, General Electric, Zillow and Micron

Replay: Jim Cramer on the Markets, Oil, General Electric, Zillow and Micron

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Micron Shares Soar; Chipmaker Is 'Managing for Profitability' Now, Says Analyst

Micron Shares Soar; Chipmaker Is 'Managing for Profitability' Now, Says Analyst

Dow Slips 178 Points; S&P 500 and Nasdaq Also Decline

Dow Slips 178 Points; S&P 500 and Nasdaq Also Decline