General Motors shares rose 3% Thursday after second-quarter earnings topped analyst estimates as sales of more profitable pickup trucks and crossovers, offset weaker sales in China.
Here's what GM reports against average analysts' estimates compiled by Refinitiv:
- Adjusted EPS: $ 1.64 vs. $ 1.44, estimated
- Revenues: $ 36.1 billion. $ 35.98 billion, estimated
"Our full-year outlook is based on our strong full-size truck rollout, we have a solid second quarter, and expect the second half of the year." said CFO Dhivya Suryadevara.
GM reported second-quarter net income of $ 2.41
Net revenue fell 1.9% to $ 36.1 billion from $ 36.8 billion.
GM delivered 747,000 vehicles in the US, a 17% increase year-over-year and A second-quarter record led by crossover sales.
Income from China dropped 60.3% over the same quarter last year with the Detroit automaker reporting income of $ 235 million down from 2018's record income of $ 592 million. China thus reported sales that were down 12%.
In North America the company posted a $ 3 billion profit that was up $ 2.7 billion from the same quarter last year.
In April, the full year forecast for diluted earnings per share of $ 5.14 GM said it was sold 7% a year ago, but said that buyers were opting for the company's vehicles and pickup trucks. GM plans to launch more full-size pickups during the second half of 2019, with two new heavy-duty pickups from Chevrolet and GMC.
GM has recently cut more than 14,000 jobs at factories in the U.S. and Canada after idling factories that produced slow-selling vehicles.
Shares of GM have more than 7% over the past 12 months and up 21% since the beginning of the year.
Click here for GM's full earnings release.