April 26, 2018 / 11:01 AM / 6 months ago

GM quarterly profit falls but beats Wall St estimates

DETROIT, April 26 (Reuters) - General Motors Co on Thursday reported a lower first-quarter net profit as it began the changeover to a redesigned family of high-margin pickup trucks that resulted in lower production, but came in above Wall Street expectations.

The company reported quarterly net income of $1.05 billion or $1.43 per share, a drop of nearly 60 percent from $2.61 billion or $1.75 per share a year earlier. Analysts had on average expected earnings per share of $1.24. (Reporting by Nick Carey; editing by Jason Neely)

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