GM's stock slumps after earnings beat, but revenue falls more than expected

Shares of General Motors Co. slumped 1.9% in premarket trade Tuesday, after the auto maker reported first-quarter earnings that beat expectations, but revenue that missed as vehicles sales declined. Net income rose to $2.16 billion, or $1.48 a share, from $1.05 billion, or 72 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted EPS fell to $1.41 from $1.43, above the FactSet consensus of $1.11. Revenue declined 3.4% to $34.88 billion, missing the FactSet consensus of $35.22 billion, as automotive revenue fell 4.4% to $31.26 billion to miss expectations of $32.51 billion. Total vehicle sales fell 10% to 1.88 million vehicles, as U.S. sales fell 7% to 666,000. The stock rallied 20% year to date through Monday, while the S&P 500 climbed 17%.

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