The first-quarter earnings season is turning out to be favorable for the auto sector with most companies beating on earnings. General Motors Company GM, Penske Automotive Group, Inc. PAG and Lear Corp. LEA were among the noteworthy releases over the past week. All three companies managed to beat both earnings and revenue estimates and even recorded year-over-year growth. Meanwhile, Toyota Motor Corporation TM reported a decline in its global sales volume for fiscal 2016, while Ford Motor Co. F announced new investments for its U.S. plants. (Read the previous roundup here: Auto Stock Roundup for Apr 21, 2016) Recap of the Week’s Most Important Stories 1. General Motors 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. 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 (read more: General Motors Q1 Earnings Beat Estimates, Surge Y/Y). 2. Penske Automotive’s first-quarter 2016 earnings per share improved 7.1% to 90 cents from 84 cents earned a year ago. Moreover, earnings surpassed the Zacks Consensus Estimate of 87 cents. Revenues grew 7.6% year over year to $4.82 billion, surpassing the Zacks Consensus Estimate of $4.77 billion (read more: Penske Automotive Beats on Q1 Earnings and Sales). 3. Lear Corp. posted adjusted earnings per share of $3.40 in the first quarter of 2016, up 49% from $2.28 in the year-ago quarter. Moreover, earnings beat the Zacks Consensus Estimate of $2.83. Revenues increased 8% year over year to $4.66 billion beating the Zacks Consensus Estimate of $4.64 billion. For 2016, Lear raised its adjusted net income forecast to $900–$940 million from the prior guidance of $720–$755 million. 4. Toyota reported global sales of 10.09 million vehicles in fiscal 2016, which represents a 0.7% year-over-year decline. A 3.5% fall in sales in Japan and a 2.1% decline in exports from Japan contributed to the downturn. These offset the 0.04% increase in sales outside Japan. 5. Ford announced a $1.6 billion investment to upgrade its manufacturing plants. Of this, $1.4 billion will be invested in the Livonia Transmission Plant in Michigan to build a new 10-speed transmission. The remaining $200 million will be invested in the Ohio Assembly Plant to build Super Duty chassis cabs. Performance Most auto stocks had favorable fortunes in the stock market over the last week, led by Harley-Davidson, Inc. HOG, which recorded a 5.3% gain. General Motors was the only loser among the stocks listed blow, losing merely 0.1%. Meanwhile, Tesla Motors, Inc. TSLA and Advance Auto Parts Inc. AAP retained their positions as the biggest gainer and loser, respectively, over the last six months. Company Last 1-Week Period Last 6 Months GM-0.1%-8.7% F+1.3%-8.8% TSLA+0.6%+18.1% TM+1.4%-15.8% HMC+0.3%-15.8% HOG+5.3%+3.6% AAP+0.6%-18.0% AZO+0.4%+0.3% What’s Next in the Auto Space? Ford will report its financial results for the first quarter of 2016 before the market opens today. Tesla will also report first-quarter earnings in the coming week. Most automakers will also report their U.S. auto sales for April on May 3. 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 PENSKE AUTO GRP (PAG): Free Stock Analysis Report FORD MOTOR CO (F): Free Stock Analysis Report TESLA MOTORS (TSLA): Free Stock Analysis Report TOYOTA MOTOR CP (TM): Free Stock Analysis Report ADVANCE AUTO PT (AAP): Free Stock Analysis Report LEAR CORPORATN (LEA): Free Stock Analysis Report HARLEY-DAVIDSON (HOG): Free Stock Analysis Report GENERAL MOTORS (GM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research