Via Reuters

South Korea's Hyundai Motor (005380.KS) missed analyst estimates by posting first-quarter net profit that was almost identical to a year earlier, as lackluster U.S. performance offset increased sales in China and Korea.

Shares of Hyundai fell over 2 percent after the automaker reported January-March net profit of 1.93 trillion won ($1.86 billion), compared with the 2.19 trillion won mean estimate of 13 analysts polled by Thomson Reuters I/B/E/S.

Revenue rose 1 percent to 21.65 trillion won.

In the United States, where a management reshuffle followed a product recall, sales fell 3 percent. As well as competing with rivals touting newer models, Hyundai also had to contend with a stronger won potentially making Hyundai's exports from Korea more expensive for overseas buyers.

The won, which gained 1.5 percent against the U.S. dollar in the first quarter from a year earlier, traded close to a six-year high in April, reducing the value of overseas earnings converted into the won.

Refreshed Genesis and Sonata lines could help Hyundai catch rivals who in recent years released new models in the United States, where a brake switch issue led to a recall last year that cost Hyundai 90 billion won ($86.74 million).

Hyundai set aside cash to cover the recall in January-March 2013.