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General Motors profit misses consensus by 27.5% in Q1

General Motors Co. said its normalized net income for the first quarter came to 70 cents per share, compared with the S&P Capital IQ consensus estimate of 97 cents per share.

EPS increased 670.6% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.19 billion, a gain of 668.3% from $154.3 million in the year-earlier period.

The normalized profit margin climbed to 3.3% from 0.4% in the year-earlier period.

Total revenue fell on an annual basis to $35.71 billion from $37.41 billion, and total operating expenses declined 8.2% on an annual basis to $34.56 billion from $37.65 billion.

Reported net income grew 774.2% year over year to $944.2 million, or 56 cents per share, from $108.0 million, or 6 cents per share.