GM profit beats estimates as new trucks make up for slower sales [Business News Network (BNN) Energy & Resources (Canada)]
General Motors Company (GM)
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Source: Business News Network
GM profit beats estimates as new trucks make up for slower sales General Motors Co. ( GM.N ) is looking like a port in the storm as new trucks and cost-cutting efforts pad profit in the midst of slowing industry sales. While adjusted earnings slipped from a year earlier to $1.64 a share, GM easily beat analysts’ average estimate for $1.45 and maintained its forecast for a stronger second half of the year. Chief Executive Officer Mary Barra continues to expect near-record profit for 2019 as revamped heavy-duty pickups roll into showrooms. “Our results demonstrate the earnings power of our full-size truck franchise, with more upside to come,” Barra said in a statement. GM shares rose as much as 3.7 per cent to $41.84 before the start of regular trading. The results show pickups are the dividing line for Detroit, with introductions of redesigned models buoying GM and Fiat Chrysler Automobiles NV’s profitability through slumping demand in markets including the U.S. and China. Ford Motor C
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