GM beats on fourth-quarter earnings, stock moves higher pre-market
- GM posted fourth-quarter 2018 earnings that beat analyst expectations.
- The company cited strong results in the US pickup-truck and crossover market.
General Motors posted fourth-quarter earnings on Wednesday that beat analysts expectations.
The number-one US automaker reported net income of $2.1 billion, or $1.40 per share, versus a loss of $5.2 billion or $3.65 per share a year earlier. Excluding one-time items, GM earned $1.43 a share. Analysts polled by Refinitiv IBES had expected earnings of $1.22.
Profitable pickup trucks and crossovers in the US market, combined with cost-cutting, helped offset lower overall sales.
"We navigated significant headwinds in 2018 to deliver another year of strong results, demonstrating the earnings resiliency of this company," CFO Dhivya Suryadevara said in a statement. "The actions we've been taking to shape a stronger, more profitable portfolio of businesses position GM for long-term success."
In a conference call with the media after earnings were announced, Suryadevara said that a "flawless" launch of new full-size pickups from Chevy and GMC helped the strong US results.
In pre-market trading, GM shares moved up 3%, to $41.
(Reuters reporting by Nick Carey and Ben Klayman in Detroit; Editing by Nick Zieminski)