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Posts Tagged ‘gm earnings’

GM Beats Estimates as Earnings Rise 34%

Pickups, SUVs and CUVs deliver.

by on Apr.28, 2017

Keep on trucking: General Motors' light trucks helped the maker drive a big surge in earnings.

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.

By the Numbers!

“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.”

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GM Earnings Dip, But Still Beat Expectations

Workers to take home record $12,000 in profit-sharing.

by on Feb.07, 2017

GM earnings, especially in the U.S., reflected growing demand for SUV and pickups.

One-time charges took a toll on GM’s 2016 earnings, but the maker still managed to beat expectations for the full year, it reported Tuesday morning.

And booming North American demand for high-margin pickups and sport-utility vehicles translates into good news for U.S. workers. Hourly employees represented by the United Auto Workers Union will take home an average $12,000 in profit-sharing, an all-time record.

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“It was just a truly outstanding year,” GM Chief Financial Officer Chuck Stevens said, adding that despite concerns U.S. sales will slip slightly, “We expect 2017 to be a very strong year from a company perspective and another year of 10% or more in profit margins in North America.”

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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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Despite Diesel Dilemma, VW Snatches Global Sales Lead from Toyota

Toyota loses momentum due to production snags.

by on Apr.27, 2016

Despite some serious problems, VW could retain the sales lead during the second quarter.

It’s had to suspend sales of its popular diesels in the U.S. market, and it’s already taken an $18 billion hit in the wake of its ongoing diesel emissions scandal, but not all is doom-and-gloom for Volkswagen AG.

The embattled automaker can celebrate the fact that it surged into the global sales lead for the first quarter of 2016, narrowly squeaking by Japanese giant Toyota which has had its own problems in recent months. General Motors continued to hold down the third spot in the global sales sweepstakes.

In the Know!

Whether VW can hold the lead for the rest of the year is far from certain. It was, in fact, the top-seller for the first half of 2016, only to slip behind Toyota once again as the diesel disaster began to take its toll. But wildcard factors have a way of upsetting the industry’s apple cart, and Toyota is currently dealing with problems that will likely scuttle its chances of regaining the sales crown for at least another quarter.

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GM Reports $2B in First-Quarter Earnings

North America drives results, but Europe posts break-even results.

by on Apr.21, 2016

GM Chairman and CEO Mary Barra said the company's first-quarter earnings show the maker is "growing where it counts."

General Motors Co. reported first-quarter net income of $2 billion, or $1.24 per share, compared with $900 million, or 56 cents per share, a year ago despite losing money in recession-scarred South America, and breaking even in its European operations during the first three months of 2016.

“We’re growing where it counts, gaining retail share in the U.S., outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China,” said Chairman and CEO Mary Barra in a statement.

Financial News!

Overall, GM’s earnings per share after adjustment for special items was a first-quarter record at $1.26, up 47% compared with the first quarter of 2015. GM also beat analysts’ estimates and kept in place its guidance calling for larger full-year profits this year than in 2015. (more…)

GM Reports $9.7 Billion Profit for 2015

Sales in North America and China lead maker to profitability.

by on Feb.03, 2016

GM Chairman and CEO Mary Barra said the company was positioned for long-term success.

Despite continuing losses in Europe and South America, General Motors posted a record profit of $9.7 billion, or $5.91 per share, for 2015 with much of that coming on a $6.3 billion, or $3.92 per share, fourth quarter.

Earnings per share adjusted for special items during the fourth quarter was $1.39, up 17% compared to $1.19 per share for the fourth quarter of 2014. GM had earned  $1.1 billion, or 66 cents per share during the fourth quarter of 2014.

News Now!

“It was a strong year on many fronts, capped with record sales and earnings, and a substantial return of capital to our shareholders,” said Chairman and CEO Mary Barra. (more…)

Ford Expects Record Profits; GM Sees Own Earnings Growth

Makers increase returns to shareholders; GM boosts stock buyback program.

by on Jan.13, 2016

Ford CEO Mark Fields showing off a new piece of technology at CES last week.

Investors take notice: while the stock market hasn’t been kind to the auto industry in recent weeks – or just about anyone else, for that matter – Detroit’s two largest carmakers are making some upbeat projections for 2016 that could make nervous shareholders happy.

Ford Motor Co. now expects to close the books on 2015 with a record pre-tax profit, with 2016 numbers to be “equal to or higher.” And GM is boosting its own earnings outlook for 2016. Both companies now plan to up their cash payouts to shareholders, while GM is expanding its ongoing stock buyback program.

Insight!

“This pattern of strong returns gives us a great platform to build on as we enter the year with a focus on strengthening our core business and engaging aggressively in emerging opportunities through Ford Smart Mobility,” said Ford CEO Mark Fields, in a statement detailing Ford’s forecast.

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Driven by U.S. Demand, GM Nets $1.4 billion in Q3

Earnings before taxes hit record. But numbers could cause problems.

by on Oct.21, 2015

GM's Detroit headquarters, the Renaissance Center.

Surging demand in its home market helped General Motors deliver a strong third-quarter profit, offsetting the impact of weakening sales in China.

The largest of the Detroit automakers said Wednesday morning that it earned $1.4 billion in net income, or $0.84 a share. That compared with $1.4 billion, or $0.81 a share a year ago. On an EBIT, or earnings before interest and tax, basis GM had an adjusted profit of $3.1 billion, and an adjusted profit margin of 8.0% percent.

Breaking News!

The strong numbers could generate new interest on Wall Street, at least GM officials are hoping. The maker’s stock has languished in recent months, around the same price set during its November 2010 IPO. But there could be a downside. The strong third quarter could motivate bargainers for the United Auto Workers Union who are trying to hammer out a new four-year contract with GM.

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UAW Makes Note of GM’s Improved Profitability

Union looking for its share of the money during talks.

by on Jul.24, 2015

Everyone was all smiles at the opening of talks, UAW's Cindy Estrada noted GM's better-than-expected Q2 profits: a reminder the union is looking for raises.

Ever since General Motors went bankrupt in 2009, GM and the United Auto Workers have made a concerted effort to make nice.

The company and the union have put aside the years of antagonistic relations and built a new relationship. GM Chief Executive Mary Barra, whose father was a union member for years, has clearly stated that she values good relations with the UAW.

Union News!

Cathy Clegg, GM’s vice president of labor relations, has credited the union with helping to boost the quality of GM’s vehicles and the company has made several announcements during the winter and spring that highlighted the company’s commitment to investing in American jobs and American workers. (more…)