General Motors Co. (GM: Quote, GMM.TO) reported a fall in first-quarter net income attributable to common stockholders to $1.0 billion, or $0.60 per share from $3.2 billion, or $1.77 per share in the year-ago quarter. The company said latest quarter's results include a net loss from special items related to goodwill impairment that reduced net income by $0.6 billion, or $0.33 per share.
On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.85 for the quarter. Analysts' estimates typically exclude one-time items.
Revenue for the recent quarter totaled $37.8 billion, compared with $36.2 billion in the previous year. Eight analysts estimated revenues of $37.59 billion for the quarter. Adjusted earnings before interest and tax or adjusted-EBIT were $2.2 billion, an increase of $0.2 billion compared with $2.0 billion in the first quarter of 2011.
With the strengthening U.S. economy helping release pent-up demand, GM currently expects full-year 2012 U.S. light vehicle sales to be in the 14.0 million - 14.5 million range. Previously, the company expected sales to fall between 13.5 million - 14.0 million units.
Based on the company's current forecast, GM North America's results for the second and third quarters of 2012 are expected to be comparable to the first quarter of 2012, due to the scheduled downtime at factories that produce full-size trucks.
by RTT Staff Writer
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