General Motors Company’s first-quarter EPS declined drastically from the previous year’s level but was ahead of analysts’ expectations, while revenues missed the Street’s estimates General Motors Company (GM) announced earnings for the first quarter of its fiscal 2014 (1QFY14; ended March 31). Sales rose to $37.4 billion for the quarter, while analysts had expected $37.9 billion on average. Revenues were up from $36.9 billion posted in the same quarter of last year. Higher prices for pickups and newer models helped bolster strong sales, particularly in the month of March, when US sales jumped 4.1% amid the easing of the harsh winter. For the quarter, the Detroit-based automaker said its net income dropped to $100 million or $0.06 per share (excluding special items), from $0.9 billion or $0.58 per share posted in 1QFY13. Strong core performance from the company was largely offset by special items amounting to $0.4 billion, or $0.23 per share. Analysts had estimated an even worse performance; the consensus EPS estimate was $0.04, with some vocal analysts anticipating the company to have an unprofitable quarter for the first time since 2009. They gathered an audience based on the company's announcement early on that recall-related costs had escalated to $1.3 billion, or $0.48 per share. $700 million was allocated to replacing switches and cylinders in the recalled cars, while $600 million was allocated to other items.