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GM earnings rise 31%
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April 15, 1999: 7:20 a.m. ET
Automaker tops estimates with 1Q profits of $2.1B on $42B in revenue
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NEW YORK (CNNfn) - General Motors said Thursday its first-quarter earnings rose 31 percent to a record $2.1 billion, or $3.04 a diluted share, from $1.6 billion, or $2.27 a share in the year-ago period.
The results beat the $2.88 a share estimates of analysts surveyed by First Call, according to David M. Garrity, chief financial analyst at GVA Research LLC. The latest quarter results included 36 cents a share in discontinued operations from GM (GM)'s Delphi Automotive Systems, which is being spun off as an independent company.
Revenue at the nation's largest automaker was $42.4 billion in the quarter, compared to $40 billion in the year ago period.
Garrity said General Motors' solid profits shows the automaker's ability to lower costs, despite a stabilizing market share. "It shows that GM's promise to cut costs is hitting the bottom line," he said.
GM shares fell 11/16 Wednesday to 83-3/4.
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General Motors
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