General Motors’ fleet of big pickups and SUVs helped the automaker overcome all obstacles for the first quarter of 2017, earnings rising 34% to handily top Wall Street’s expectations and set a new quarterly record.
With a net income of $2.6 billion, GM was the last of the three Detroit-based automakers to report 1Q earnings and one of two to outperform market forecasts. Only Ford, which was off by 35%, posted a year-over-year decline – though it also benefited from booming demand for high-profit light trucks.
“We are executing our plan and it’s delivering results,” Chief Financial Officer Chuck Stevens said during a Friday morning news conference at General Motors headquarters. “This sets us up for another strong year.”