April 30, 2019 / 12:02 PM / a month ago

General Motors first-quarter profit rises, beats Wall St estimates

DETROIT, April 30 (Reuters) - General Motors Co on Tuesday reported a higher quarterly net profit, lifted in part by revaluation of shares the company holds in ride-hailing company Lyft Inc and France’s Peugeot SA.

GM, the No. 1 U.S. automaker, reported a first-quarter net profit of $2.2 billion, or $1.48 per share, up from $1.05 billion, or 72 cents per share, a year earlier. Excluding one-time items, the company earned $1.41 per share, well above the $1.11 per share expected by analysts on average.

Reporting By Nick Carey; Editing by Steve Orlofsky

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