GM Q1 earnings hung in despite having earlier declared a $1.3 billion write-down after a series of recalls.

The automaker posted $0.29/share ex-one-time charges for the period ended March 31, above the $0.04/share expected but well below the $0.58/share a year ago.

The company said higher truck prices had pulled up margins.

Revenues came in mostly in-line at $37.4 billion versus $37.9 billion expected.

Still, net income fell to $125 million compared with $865 million during the same period a year ago.

Shares are up more than 2% pre-market.

“The performance of our core operations was very strong this quarter, reflecting the positive response of customers to the new vehicles we are bringing to market,” said GM CEO Mary Barra."

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