General Motors (NYSE:GM) earnings for first quarter of 2020 have GM stock heading higher on Wednesday. That’s thanks to its adjusted earnings per share (EPS) of 62 cents beating out Wall Street’s estimate of 33 cents. The automobile company’s revenue of $32.71 billion also comes in above analysts’ estimates of $31.12 billion.
Now, let’s take a look at some additional highlights from the most recent General Motors earnings report.
- Adjusted per-share earnings are down 56% from $1.41 during the same time last year.
- Revenue for the quarter comes in 6.2% lower than the $34.88 billion in the first quarter of 2019.
- Operating income of $657 million is a 47% decrease year-over-year from $1.24 billion.
- The General Motors earnings report also includes a net income of $286 million.
- This is an 86.7% decline compared to its net income of $2.15 billion in the same period of the year prior.
Mary Barra, chairman and CEO fo General Motors, said this in the Q1 earnings report:
“The strength of this company has always been its people, and I am proud to stand with our best as we confront these challenges together – as one team – while we continue our transformation. We have a track record of making swift, strategic and tough decisions to ensure our long-term viability and create value for all of our stakeholders.”
General Motors doesn’t discuss an outlook in its current earnings report. That makes sense with the novel coronavirus impacting the economy. Many other companies are withholding or suspending outlooks as a result.
GM stock was up about 3% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.