General Motors reported first quarter earnings that beat expectations.
The auto behemoth’s adjusted earnings for the three months ending in March came in at 62 cents per share, more than double the Street consensus estimate of 30 cents per share. The figure is -56% lower from the same period last year. The figure includes a 28 cent impact from revaluations of stakes in ride-hailing company Lyft and French automaker PSA.
The company’s revenues declined -6.2% year-over-year to $32.7 billion in the quarter, but exceeded analysts' estimates of $31.1 billion .
Last month, GM said it has extended $3.6 billion under its three-year revolving credit agreement, until April 2022. The company also mentioned it has taken "other significant austerity measures to preserve near-term available cash."