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GM doubles Q1 net income; operating profit falls

April 30, 2019


DETROIT — General Motors’ first-quarter net income doubled from a year earlier, though operating profit fell 11 percent primarily due to downtime at the company’s full-size SUV plant in Texas.

GM on Tuesday reported net income of $2.15 billion, up from $1.04 billion in the first quarter of 2018. Its adjusted earnings before interest and taxes dropped $300 million to $2.3 billion, as revenue declined 3.4 percent to $34.9 billion. GM’s adjusted earnings per share of $1.41, a key estimate for financial analysts, topped Wall Street estimates averaging $1.10. That includes a 31-cent revaluation from GM’s stakes in Lyft Inc. and PSA Group.

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