GM Beats Estimates With SUVs in Demand From U.S. to China
- U.S. automaker reports record net income of $9.7 billion
- Shares fall as analyst sees investors avoiding auto stocks
Stevens: Confident GM Will Drive Shareholder Value
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General Motors Co. reported fourth-quarter profit that beat analysts’ estimates as strong light-truck sales in the U.S. and China helped boost margins in both regions. Shares fell amid another broad market selloff.
Adjusted earnings per share improved to $1.39 from $1.19 a year earlier, GM said in a statement Wednesday. The average of 14 estimates compiled by Bloomberg was $1.20. Margins were boosted in North America by sales of more expensive sport utility vehicles and pickups, which added $1.3 billion to quarter’s revenue.