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.
Zendaya, Josh O'Connor and Mike Faist on the steamy love triangle of 'Challengers'
Controversial Antonio Brown pays tribute to 'legend' OJ Simpson after his death from cancer aged 76
Rachael Blackmore to place in BOTH rides on Day 2 of Aintree boosted to 11/4
Controversial Antonio Brown pays tribute to 'legend' OJ Simpson after his death from cancer aged 76
'Boy in the attic's' mom's harrowing final words before she died of a broken heart are revealed
Taylor Swift 'turned down $9MILLION offer to perform private concert in the United Arab Emirates'
Fernando Alonso commits his future to Aston Martin by signing new two
Anaheim residents voice concerns over Disneyland's proposed development plans
UnitedHealth says wide swath of patient files may have been taken in Change cyberattack
Australian teen jailed for school shooting
Orioles call up another top prospect in OF Heston Kjerstad, who hit 10 HRs in 21 games at Triple
Auckland Transport to be stripped of planning powers