UPDATE 1-Profitable U.S. pickup trucks lift GM fourth-quarter profit
"GM delivered another strong year of earnings in a highly volatile environment in 2018," Chief Executive Officer Mary Barra said in a statement. U.S. new vehicle sales are expected to drop in 2019 due to rising interest rates and competition from a surfeit of cheaper, nearly-new used vehicles on the market.
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. GM reported a fourth-quarter loss in 2017 to adjust for an overhaul of the U.S. tax system. Excluding those charges, the automaker had reported net income of $2.4 billion.
GM's pre-tax margin for North America was 10.2 percent. The automaker said that 46,500 hourly U.S. workers would receive a profit sharing payment of up to $10,750 each. The company maintained its full-year 2019 adjusted earnings forecast of between $6.50 and $7 per share.
(Reporting by Nick Carey and Ben Klayman in Detroit Editing by Nick Zieminski)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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