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Slowing Sales Fail to Damper GM as Earnings Set Record

Q3 numbers suggest focus on retail market is paying off.

by on Oct.25, 2016

GM CEO Mary Barra: "Determin(ed) to deliver earnings and enhance shareholder value."

(This story has been updated to reflect comments made by GM officials during an earnings conference call.)

General Motors earnings more than doubled during the third quarter to a record $2.77 billion, or $1.76 a share, despite slowing demand in the U.S. market.

But the maker says it benefited from a shift in focus away from low-profit fleet sales to the more lucrative retail market, as well as a rebound in the Chinese automotive market.

Earnings News!

The Detroit maker handily outperformed Wall Street’s expectations. Excluding a one-time gain, GM earned $1.72 a share for the quarter compared with a consensus forecast of $1.46. In a statement, the automaker credited “robust retail sales in the United States, strong performance in China, growth in wholesale volume and effective cost performance.”

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GM Q2 Earnings More Than Double Even as Sales Slip

Globe’s 3rd-largest automaker ups full-year forecast.

by on Jul.21, 2016

GM has been rushing out an assortment of new models, including a remake of the Chevy Malibu.

General Motors saw its second-quarter profit more than double, reaching a record $2.87 billion, the maker announced on Thursday, handily beating Wall Street expectations.

The surge came despite the fact that GM has seen sales slip in recent months – even while the overall U.S. car market continues to grow. The results appear to validate the strategy of trimming back on lower-profit rental and other fleet sales in favor of growing the retail side of the sales ledger.

Breaking News!

“This was an outstanding quarter for GM,” said Chairman and CEO Mary Barra. “Our results were generated by strong retail sales in the U.S., record sales in China and a continued emphasis on improving the performance of our operations worldwide. We’ll continue to focus on driving profitable growth and leveraging our technical expertise to lead in the future of personal mobility.”

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