General Motors said Thursday its first quarter profits dropped approximately 86% from the same period last year after a series of massive recalls cost the automaker $1.3 billion.
The company’s profits in the first three months of the year fell to $125 million, compared to $865 million for the first quarter of 2013. This year’s first quarterly earnings report marks the company’s worst showing since it reported a loss after going through bankruptcy in 2009, the New York Times reports.
But the company’s first quarter profits still trounced analyst estimates. Excluding one-time items, GM’s profit was 29 cents a share, well above the Bloomberg estimate of 4 cents a share.
GM has recently recalled 7 million vehicles worldwide, 2.6 million of which because of faulty ignition switches that have been linked to at least 13 deaths. The company was also hit with $300 million in restructuring costs and $419 million because of a valuation change in Venezuelan currency.
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