General Motors reportsbig gains in first quarter
DETROIT -- Boosted by improved overseas results and record earnings at its finance arm, General Motors Corp. posted first-quarter results Tuesday that easily topped year-ago tallies.
The world's largest automaker earned $1.5 billion, or $2.71 a share, in the January-March period, compared with $228 million, or 57 cents a share, in the first quarter last year.
But the automaker said it is not certain it will hit its previous earnings estimate for 2003, which was $5 a share, "given the uncertain economic conditions around the globe." GM declined to give updated guidance for the year.
Stoneridge announces1st-quarter earnings
HOWLAND -- Stoneridge, a locally based maker of electrical and electronic parts for cars and trucks, said its first-quarter earnings will range from 30 cents to 32 cents a share.
The company previously estimated earnings of 24 cents to 26 cents a share. Stoneridge said it has been paying down debt and benefited from a smaller than expected decline in North American commercial vehicles. Last year, the company earned 25 cents a share.
Stoneridge also said it expects its earnings for 2003 to range from 90 cents to 95 cents a share, compared with a consensus analyst's estimate of 93 cents a share.
From Vindicator staff and wire reports