General Motors’ first-quarter profit beats estimate, lifted by pickups, Lyft GlobeBusiness
The higher profit also came despite a drop in sales in China of almost 20 per cent and a corresponding decline in profit of 37 per cent.The company also had around four months supply of its Chevrolet Silverado pickup truck on the ground as of the beginning of April, a high level in a U.S. auto market that overall is expected to decline in 2019.
GM said in a statement it was “bullish” on pickup truck sales for the rest of 2019 as more versions of its new Silverado hit dealer showrooms and its heavy-duty trucks launch in the second half of the year. GM reported a first-quarter net profit of $2.2-billion, or $1.48 per share, up from $1.05-billion, or 72 cents per share, a year earlier. Excluding one-items, the company reported earnings per share of $1.41.GM’s pre-tax earnings fell more than 11 per cent to $2.3-billion from $2.6-billion.
GM has preferred shares in Peugeot from when it sold its German Opel unit to the French automaker in 2017. Lyft’s initial public offering was at the end of the first quarter.Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to
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