Mexican Media Brands
GM’s First-Quarter Earnings Jump 34%
A strong performance in North America hiked General Motors Co. net income in the first quarter climbed 34% to a record $2.6 billion.
#economics
Share
A strong performance in North America hiked General Motors Co. net income in the first quarter climbed 34% to a record $2.6 billion. It was the company’s best any-quarter result since emerging from bankruptcy in 2009.
Revenue surged 11% to a record $41.2 billion, buoyed by a rich product mix in North America. The company also hiked dealer inventories ahead of planned production downtime this summer for retooling.
First-quarter adjusted earnings before interest and taxes rose 28% to a record $3.4 billion. EBIT jumped 34% to $3.4 billion in North America. Elsewhere, EBIT losses in Europe (-$201 million) and South America (-$115 million) offset gains in the rest of the world (+$319 million).
North American results were aided by a deliberate cutback in low-margin fleet sales and continued strong demand for high-profit fullsize pickup trucks. Those factors contributed about $600 million in first-quarter revenue, according to GM.
Unit sales in January-March advanced only 1% globally to 2.34 million units. Volume rose in North America (+2% to 815,700 units), Europe (+2% to 320,500) and South America (+6% to 146,600). But deliveries fell in China (-6% to 913,400 units) and elsewhere (-6% to 146,600).
GM Financial’s revenue for the period rose 38% to $2.9 billion. The unit’s adjusted EBIT grew about 50% to a record $300 million.
RELATED CONTENT
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.