U.S. pickup trucks, crossovers help GM swing to quarterly profit

DETROIT, Feb 6 (Reuters) – General Motors Co on Wednesday swung to a quarterly profit from a year-earlier loss as profitable pickup trucks and crossovers in the U.S. market, combined with cost-cutting, helped offset lower overall sales.

The No. 1 U.S. automaker reported fourth-quarter net income of $2.1 billion or $1.40 per share, versus a loss of $5.2 billion or $3.65 per share a year earlier. Excluding one-time items, GM earned $1.43 a share. Analysts polled by Refinitiv IBES had expected earnings of $1.22.

Reporting by Nick Carey and Ben Klayman in Detroit Editing by Nick Zieminski

Mnuchin says Fed Chief Powell gave Trump an overview of the economy at 'very casual' dinner

MIDEAST STOCKS-Financials weigh on Qatar, most major Gulf markets gain

Leave a Reply

Your email address will not be published. Required fields are marked *