Categories AlphaGraphs, Earnings, Other Industries
Strong Q4 earnings send General Motors stock northwards
General Motors (GM) Wednesday reported fourth-quarter adjusted earnings of $1.43 per share, much higher than $1.21 per share projected by analysts, driven by strong pricing and surging crossover sales, successful execution of the company’s full-size truck launch.
Revenue grew 1.8% to $38.4 billion during the fourth quarter. Analysts had expected the top line to hit just $37 billion.
Buoyed by the results, GM shares jumped 4.2% during pre-market trading. The stock has lost 6% of its value in the past 12 months.
On a reported basis, the company swung to earnings of $1.40 per share from a loss of $3.56 per share a year ago.
CFO Dhivya Suryadevara said, “We navigated significant headwinds in 2018 to deliver another year of strong results, demonstrating the earnings resiliency of this company. The actions we’ve been taking to shape a stronger, more profitable portfolio of businesses position GM for long-term success
General Motors is currently going through a transitional phase as it shifts its focus towards pickups, a segment that is more profitable than cars. The company, which is struggling in the cut-throat competition in the auto market, is reportedly in the process of laying off around 4,000 employees.
The auto-giant had last week announced that it was negotiating the “feasibility” of investing about $2.73 billion (10 billion reais) in Brazil for a span of four years — from 2020 to 2024.
LISTEN TO: GENERAL MOTORS Q4 2018 EARNINGS CONFERENCE CALL
This declaration comes just a month after the company said it would only consider new investments depending on its ability to return to profit.
Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference, and much more!
Most Popular
PG Earnings: Procter & Gamble Q3 profit climbs, beats estimates
Consumer goods behemoth The Procter & Gamble Company (NYSE: PG) announced financial results for the third quarter of 2024, reporting a double-digit growth in net profit. Sales rose modestly. Core
AXP Earnings: All you need to know about American Express’ Q1 2024 earnings results
American Express Company (NYSE: AXP) reported its first quarter 2024 earnings results today. Consolidated total revenues, net of interest expense, increased 11% year-over-year to $15.8 billion, driven mainly by higher
Netflix (NFLX) Q1 2024 profit tops expectations; adds 9.3Mln subscribers
Streaming giant Netflix, Inc. (NASDAQ: NFLX) Thursday reported a sharp increase in net profit for the first quarter of 2024. Revenues were up 15% year-over-year. Both numbers exceeded Wall Street's