U.S. automaker General Motors reported better-than-expected first quarter earnings ahead of Thursday’s opening bell, sending its shares higher in pre-market trade.
General Motors said adjusted earnings per share came in at $0.04 in the first quarter, above expectations for earnings of $0.04 per share. The automaker’s first quarter revenue totaled $37.4 billion, missing forecasts for revenue of $37.9 billion.
Strong core operating performance during the quarter was more than offset by a net loss from special items of $0.4 billion, or $0.23 per diluted share, and a $1.3 billion pre-tax charge primarily for the cost of recall-related repairs, or $0.48 per diluted share.
“The performance of our core operations was very strong this quarter, reflecting the positive response of customers to the new vehicles we are bringing to market,” said GM CEO Mary Barra.
Following the release of the report, General Motors (NYSE:GM) shares rose 2% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets remained higher. The Dow 30 indicated a gain of 0.4% at the open, the S&P 500 pointed to an increase of 0.6%, while the Nasdaq 100 futures indicated a rise of 1.6%.