DETROIT (AP) — Despite a small dip in U.S. vehicle sales, General Motors’ first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles.
The automaker said that while its average sales price per vehicle was down slightly from last year at just under $50,000, pickup sales remained strong, and it’s not seeing the price erosion across its lineup that other companies have experienced.
GM on Tuesday said it made $2.97 billion from January through March, with revenue increasing 7.6% over the same period a year ago to just over $43 billion. That topped the $41.15 billion that analysts polled by FactSet were calling for.
Excluding one-time items the company made $2.62 per share, easily beating Wall Street estimates of $2.13 per share.
Dan Ives of Wedbush said in a note to clients that GM delivered a solid performance as it concentrates on profitability and managing expenses.
Myanmar junta chief missing from public view after drone attack — Radio Free Asia
Space contractors release China's annual launch plan
Xinjiang set to boost air trip business
Vincent Trocheck and Mika Zibanejad lead Rangers to 4
China registers 415 million motor vehicles, 500 million drivers
China's Earth science satellite transmits images home
Boeing ousts head of its 737 MAX program
Celine Dion reveals the reason she NEVER borrows clothes from top designers like other celebs
Xi Pays Tribute to National Heroes on Martyrs' Day