|
"We
are executing our plan and it's delivering results," Chief
Financial Officer Chuck Stevens told reporters at the company's
headquarters in downtown Detroit. "This sets us up for another
strong year."
U.S. sales of Chevrolet trucks and crossovers rose 3.5 percent
and 12 percent, respectively, during the quarter, while GMC
truck and crossover sales jumped almost 10 percent.
The No. 1 U.S. automaker's pretax margin was 8.2 percent, an
improvement of 1.1 percentage points.
Sales of its less profitable cars, however, were down in the
United States from the first quarter of 2016.
The results underscored a trend in the U.S. market where
consumers have increasingly shunned cars in favor of larger
SUVs, crossovers and trucks.
Vehicle sales rose slightly in Europe, where it has agreed to
European Opel and Vauxhall operations to France's PSA Group <PEUP.PA>.
GM reported a first-quarter net profit of $2.6 billion, or $1.70
per share, up 33 percent from $1.95 billion, or $1.24 per share,
a year earlier. Analysts, on average, expected earnings per
share of $1.48.
The company forecast 2017 full-year adjusted earnings per share
in a range from $6 to $6.50. Analysts expect earnings of $5.95
for the full year.
In premarket trading, GM shares were up 1.8 percent at $35.15.
(Editing by Chizu Nomiyama and Jeffrey Benkoe)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
