News Summary: GM 1Q profit falls, new pickups key

The Associated Press
May 2, 2013

GM EARNINGS: General Motors Co. said Thursday that its first-quarter profit fell 14 percent to $865 million, or 58 cents per share. North American profits fell as the company stopped shipping full-size pickups to get ready for new trucks. Europe losses improved for the first time since 2011.

WALL STREET REACTS: Earnings and revenue beat analysts' forecasts. Its shares rose 3.2 percent to close at $31.16. At one point they hit $31.81, the highest level since July 2011.

WHAT'S NEXT: The redesigned Chevrolet Silverado and GMC Sierra hit the market soon. They're critical products for GM.