General Motors Co. GM recorded adjusted earnings of $1.26 per share in the first quarter of 2016, beating the Zacks Consensus Estimate of $1.01 by a wide margin. Earnings also surged 46.5% from 86 cents per share recorded in the first quarter of 2015. Net income (on a reported basis) amounted to $2 billion or $1.24 per share, compared with $0.9 billion or 56 cents per share in the year-ago quarter.Revenues in the reported quarter were $37.3 billion, 4.5% higher than $35.7 billion recorded in the year-ago quarter. The top line also surpassed the Zacks Consensus Estimate of $34.95 billion. At constant exchange rates, revenues in first-quarter 2016 were $2.9 billion higher than the figure recorded in the first quarter of 2015.Worldwide wholesale unit sales went up to 1.41 million vehicles from 1.39 million units in the first quarter of 2015. Worldwide retail unit sales decreased to 2.37 million vehicles from 2.39 million units in the year-ago quarter. The automaker’s global market share was 10.6% during the reported quarter, down from 10.8% in the year-ago quarter.Adjusted earnings before interest and tax (EBIT) increased to $2.7 billion (7.1% of sales) from $2.1 billion (5.8%) in first-quarter 2015. The improved results were driven by better segment results with breakeven performance recorded by the European division.Segment ResultsGM North America (“GMNA”) reported a 7.2% rise in revenues to $26.5 billion during first-quarter 2016. Adjusted EBIT improved to $2.3 billion from $2.2 billion in the year-ago quarter.GM Europe (“GME”) witnessed a 5.2% increase in revenues to $4.7 billion in the quarter. The region reported breakeven results as against a loss of $0.2 billion recorded in the year-ago quarter.GM International Operations (“GMIO”) reported a 13.9% decline in revenues to $2.68 billion from $3.11 billion in the year-ago quarter. Adjusted EBIT was $0.4 billion, flat year over year.GM South America (“GMSA”) witnessed a 35.8% fall in revenues to $1.3 billion. The segment reported a loss of $0.1 billion in the quarter. In the year-ago quarter, it recorded adjusted EBIT loss of $0.2 billion.GM Financial reported an impressive 53.2% rise in revenues to $2.1 billion during the quarter. The segment’s EBIT was $0.2 billion, in line with the prior-year quarter.Financial PositionGeneral Motors had cash and cash equivalents of $14.9 billion as of Mar 31, 2016 compared with $15.2 billion as of Dec 31, 2015. Total debt (Automotive and Financial) increased to $71.1 billion as of Mar 31, 2016, from $63.1 billion as of Dec 31, 2015.During the first quarter of 2016, net cash used for operating activities was $164 million compared to cash flow of $375 billion in the comparable year-ago period. Capital expenditures amounted to $2.3 billion in the reported quarter, compared with $1.7 billion in the same period a year ago.Financial UpdateYear to date through Mar 31, 2016, General Motors has returned around $0.9 billion to shareholders by repurchasing shares of $0.3 billion and paying dividends of $0.6 billion.Zacks RankGeneral Motors currently carries a Zacks Rank #3 (Hold). Some better-ranked automobile stocks include Cooper Tire & Rubber Co. CTB, Federal-Mogul Holdings Corp. FDML and Superior Industries International, Inc. SUP. All three stocks sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GENERAL MOTORS (GM): Free Stock Analysis Report SUPERIOR INDS (SUP): Free Stock Analysis Report FEDERAL MOGUL-A (FDML): Free Stock Analysis Report COOPER TIRE (CTB): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research