(May 1, 2019) DETROIT — General Motors' first-quarter net income doubled from a year earlier, though operating profit fell 11 percent primarily due to headwinds in China and downtime at the company's full-size SUV plant in Texas.

GM on Tuesday reported net income of $2.15 billion, up from $1.04 billion in the first quarter of 2018. Its adjusted earnings before interest and taxes dropped $300 million to $2.3 billion, as revenue declined 3.4 percent to $34.9 billion. GM's adjusted earnings per share of $1.41, a key estimate for financial analysts, topped Wall Street estimates averaging $1.10. That includes a 31-cent revaluation from GM's stakes in Lyft Inc. and PSA Group.

GM’s first-quarter earnings last year were hampered by two factors — downtime in full-size pickup production and a restructuring in Korea — that are now paying dividends.

The ongoing launch of its redesigned full-size pickups and the restructuring actions begun last fall helped GM offset headwinds in China and a 23,000-unit loss of full-size SUV production in the first quarter of this year, GM CFO Dhivya Suryadevara said.

Sources: GM, Automotive News