GM posted an 88% year-over-year profit decline thanks to its highly-publicized recall tied to defective ignition switches, and the quarter included a previously disclosed a charge of $1.3 billion, or 48 cents a share. Net income plummeted to $108 million, or 6 cents a share, from $873 million, or 58 cents a share.
The automaker earned 29 cents a share after excluding a charge primarily to the devaluation of the Venezuelan currency. This easily beat the 4 cents a share expected by analysts polled by Thomson Reuters I/B/E/S.
Revenue rose 1.4% year over year to $37.4 billion but came up short of analysts' expectations of $38.4 billion. GM also increased its vehicle prices, which increased operating profits increased by $1.8 billion.
The stock was up 2.2% to $35.15 at 10:27 a.m. on Thursday.
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Separately, TheStreet Ratings team rates GENERAL MOTORS CO as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MOTORS CO (GM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures, increase in stock price during the past year and growth in earnings per share. We feel these strengths outweigh the fact that the company has had sub par growth in net income."