GM EARNINGS * USA: Doubled it nets income in 3rd. Q
* Michigan - GM earnings more than double on strong truck sales
--- General Motors Co. doubled its net income and notched record revenue in the third quarter amid strong truck sales in its home U.S. market and continued strength in China, but the auto maker signaled continued weakness in Europe because of Brexit fallout... GM on Tuesday posted net income attributable to common shareholders of $2.77 billion for the period ended Sept. 30, up from $1.36 billion reported in the same period a year ago. The Detroit auto maker said operating profit excluding one-time factors equaled $1.72 a share, breezing past Wall Street expectations of $1.45 a share... Revenue rose 10% to $42.83 billion, a quarterly record for the company. That topped analysts' average forecast of $39.3 billion... The largest U.S. auto maker by sales benefited from continued strong pricing on big pickups and SUVs in North America, its most profitable models, as well as healthier margins on freshly redesigned cars such as the Chevrolet Malibu. A sales surge in China, stoked by a government tax incentive, helped offset pricing pressures from weak demand for small cars and commercial vans...
(Photo: GM headquareters Detroit, Michigan) -- Detroit, MICH, USA - MarketWatch, by Mike Colias - Oct 25, 2016
Labels: truckmakers news USA