Automaker beats forecast of its earnings figures

Earnings for GM's automotive operations rose 12 percent.
DETROIT (AP) -- General Motors Corp. earned $1.3 billion in the first quarter, beating Wall Street estimates even though the results were down 13 percent from a year ago, when the world's largest automaker had a big gain from the sale of its defense business. Its shares surged.
GM reported Tuesday it had strong results at its financing arm and improved business in Asia, but it said automotive operations in North America and Europe continued to be hampered by intense pricing pressure.
The automaker said its earnings for the January-March period amounted to $2.25 a share, compared with $1.5 billion, or $2.71 a share, a year ago.
Prediction
The latest results easily topped the consensus Wall Street forecast of $1.79 a share.
Revenue rose to $47.8 billion in the quarter from $47.1 billion a year earlier.
GM's year-ago results include a gain of $505 million, or 90 cents a share, from the sale of GM Defense. Excluding that gain, GM earned $1 billion, or $1.84 a share, in the year-ago period.
On the automotive side, GM's global operations reported a 12 percent increase in earnings, from $546 million last year to $611 million, despite lower production levels in North America and Europe.
Its shares climbed $1.80, or 4 percent, to $47.95 in early trading on the New York Stock Exchange.
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