Shares of General Motors Co. surged 3.7% in premarket trading, after the automaker reported first-quarter profit that was more than double what was expected, while revenue surprisingly declined and the full-year outlook was a bit shy of forecasts. Net income rose to $2.98 billion, or $2.03 a share, from $247 million, or 17 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.25 from 62 cents, beating the FactSet consensus of $1.05. Revenue slipped 0.7% to $32.47 billion, while the FactSet consensus called for a rise to $33.00 billion. For 2021, GM expects adjusted EPS of between $4.50 and $5.25, compared with the FactSet consensus of $5.29. Chief Executive Mary Barra said in a letter to shareholders that the investment in electric vehicles will continue to accelerate. “We will continue to convert assembly plants to build EVs and expand our battery cell capacity as we make progress on our goal of EV market share leadership in North America,” Barra wrote. “We will lead the industry in safely commercializing self-driving technology.” GM’s stock has run up 32.9% year to date through Tuesday, while the S&P 500 has gained 10.9%.
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