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

Tuesday, February 7, 2017 8:57
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(Before It's News)

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



Source: http://www.proactiveinvestors.com/companies/news/172790/strong-us-pick-up-suv-sales-helps-general-motors-post-record-profits-but-shares-fall-172790.html

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