General Motors reports strong first

Release time：2024-05-21 21:03:51 Source：Worldly Watch news portal

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.

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