General Motors Company (NYSE: GM) early Friday posted much better than expected first quarter earnings results, although its deliveries in China declined amid lower tax incentives.

Written by StockNews.com

The Detroit-based automaker reported Q1:

  • earnings per share (EPS) of $1.70, which was $0.23 better than the Wall Street consensus estimate of $1.47,
  • revenues rose 10.6% from last year to $41.2 billion, also easily topping analysts’ view for $37.38 billion.
  • total vehicle deliveries were 689,521 in the U.S. bolstered by:
    • a 16% increase in crossover SUV deliveries, and
    • a 3% uptick in truck deliveries.
  • U.S. market share climbed to 16.9% given the best first quarter of retail sales since 2008 while 
  • retail deliveries in China fell 5.2%, hurt by reduction in the country’s vehicle tax purchase incentive.

    • The company commented via press release:

    “Our first-quarter results reflect our resolve to grow profitably and demonstrate the strong earnings power of this company.

    More importantly, we advanced our strategic plan to transform GM for the long term and unlock more value for our shareholders.”

    …Year-to-date, GM has gained 0.15%, versus a 7.21% rise in the benchmark S&P 500 index during the same period.

    GM currently has a StockNews.com POWR Rating of B (Buy), and is ranked #8 of 24 stocks in the Auto & Vehicle Manufacturers category.

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