P.M. BRIEFING : GM Reports 40% Earnings Increase
<i> From Times wire services</i>
DETROIT — General Motors Corp., the nation’s largest company, today said its first-quarter earnings jumped more than 40%, to $1.55 billion from $1.09 billion a year ago.
The auto giant said earnings per share rose to $2.37 from $1.56 last year, near the top of the range of estimates made by analysts recently.
But sales rose more modestly than earnings, advancing about 12% to $29.60 billion from $26.44 billion.
While the industry has suffered from generally slumping demand in the quarter, GM boosted car sales by offering incentives including rebates and cut-rate financing. It also continued a program of massive cost cuts that kept profit rising despite sluggish sales.
