General Motors' Stock Surges After Profit, Revenue Beat
General Motors Co.'s stock surged 3.6% in premarket trade Thursday, after the auto maker reported first-quarter profit and revenue that rose above expectations. Earnings increased to $2.0 billion, or $1.24 a share, from $900 million, or 56 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share were $1.26, above the FactSet consensus of 99 cents. Revenue increased to $37.3 billion from $35.7 billion, beating the FactSet consensus of $34.8 billion. "We're growing where it counts, gaining retail share in the U.S., outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China," said Chief Executive Mary Barra. The stock has dropped 5.4% year to date through Wednesday, while the S&P 500 has gained 2.9%.
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