Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Strong US pick-up, SUV sales helps General Motors post record profits, but shares fall

Tuesday, February 7, 2017 8:57
% of readers think this story is Fact. Add your two cents.

Strong pickup-truck and SUV sales in the US helped General Motors Co. (NYSE:GM) to record its second straight year of record operating profits in 2016, but shares fell as fourth-quarter income dropped.

GM – the largest US auto maker in terms of sales – saw its operating profits for the full-year rise by 15.9% to US$12.5bn, as revenues rose by 9.2% to a record US$166.4bn.

The group said results were “driven by strong retail demand for full-size trucks and SUVs in the United States, continued industry growth in China and effective cost performance across the globe.”

However, the autos giant’s net income dropped by 71% to US$1.84bn for the final three months of 2016, down from US$6.27bn at the same stage in 2015, due to foreign exchange headwinds and a non-recurrence of one-time gains recorded a year ago

GM said fourth-quarter operating profits, excluding one-time factors, were US$1.28 per share, well above analyst expectations of US$1.17 share.

Quarterly revenues rose 11% to US$43.9bn, surpassing the consensus forecast of US$41.5bn.

But in early New York trading, GM shares dropped almost 4.5% to US$35.18 each.

 – Adds share price –

Story by ProactiveInvestors


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.