Despite a small dip in U.S. vehicle sales, General Motors’ first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles.
FILE - In this April 23, 2018, file photo, the logo for General Motors appears above a trading post on the floor of the New York Stock Exchange. General Motors reports earnings on Tuesday, April 23, 2024. – Despite a small dip in U.S. vehicle sales, General Motors' first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles.
Excluding one-time items the company made $2.62 per share, beating Wall Street estimates of $2.13, according to FactSet. Chief Financial Officer Paul Jacobson said prices dropped a little because GM sold a higher share of lower-cost vehicles such as the Chevrolet Trax small SUV, which starts at $21,495 including shipping. “The portfolio as a whole has been pretty strong,” he said, noting that pickup truck sales were up 3% in the U.S.
Retail sales of electric vehicles rose during the quarter, and GM is producing more of its own batteries, he said. The company is on track to hit a mid single-digit profit margin on EVs next year.
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