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General Motors Q1 Profit Falls, But Results Beat View - Quick Facts

Automaker General Motors Co. (GM) on Wednesday reported first-quarter net income attributable to shareholders of $294 million or $0.17 per share, down sharply from $2.16 billion or $1.48 per share in the year-ago period, as results were impacted by the coronavirus pandemic.

Adjusted earnings for the quarter were $0.62 per share, compared to $1.41 per share in the year-ago period. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter was $32.7 billion, down 6.2 percent from $34.88 billion in the previous-year quarter. Analysts expected revenue of $31.12 billion for the quarter.

GM noted that the COVID-19 impact on EBIT-adjusted was negative $1.4 billion. GM sales in the U.S. declined about 7 percent, driven by the effects of the coronavirus pandemic.

GM said that based on conversations and collaboration with unions and government officials, it plans to restart the majority of its manufacturing operations on May 18 in the U.S. and Canada under extensive safety measures.

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