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.
Milwaukee man charged in dismemberment death pleads not guilty
More than 641 million parcels delivered over Spring Festival holiday
Temperature monitoring implemented to reduce loss of grain in N China's Tianjin
Haier's dishwasher factory put into production in Chongqing
Athens skies turn an orange hue with dust clouds from North Africa
Index reflects nation's strength in AI governance
World Conference on Integrated Circuits 2022 kicks off in China's Hefei
Innovative former livestreamer assembles striking pieces of electronics art
Original Karma singer Brit Smith says JoJo Siwa 'has done nothing wrong' after re
2022 World Internet Conference Wuzhen Summit sees record participants