GM rebounds with $8.1 billion profit on strong pricing

GM rebounds with $8.1 billion profit on strong pricing

Analysts are expecting average earnings estimates of $1.22 for the current quarter based on the opinion of 15 analysts, relating to high earnings per share estimates of $1.63 and low estimates of $1.07, however General Motors Company (NYSE:GM) reported $1.65 earnings per share for the same quarter previous year.

The automaker made $10.8 billion before taxes in North America, down about 9 percent from 2017.

Workers should see the payments in their February 22 paycheck, GM said in a Wednesday statement.

GM made $10.8 billion before taxes in North America, meaning big profit-sharing checks for about 46,500 union workers in the U.S. They'll get $10,750 each, down from last year's $11,500.

"The UAW Membership makes the components for and builds the finest General Motors cars, trucks, crossovers, SUVs and vans in the world right here in the U.S.A.", UAW vice president and director of the GM department Terry Dittes said in a statement.

General Motors (GM) sold 3.65 million vehicles past year in China, which retained the title of the biggest market for the leading US auto maker. This week, GM started telling 4,300 other salaried workers that they were out of a job.

Earlier this week, GM said it would begin to cut $4,000 white-collar workers.

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The company plans to eliminate about 6,000 factory worker jobs by closing three auto assembly plants and two other factories. The firm's quarterly revenue was up 1.8% on a year-over-year basis.

The automaker did report that pretax profit resulted in $2.8 billion, or $1.43 a share, which bested the average analysts' estimate of $1.24 a share. Excluding restructuring charges, the company's per-share earnings were US$1.43, also breezing past Wall Street expectations of US$1.24.

General Motors shares closed higher for a third consecutive trading session in NY on Wednesday. The carmaker's chief financial officer (CFO), Dhivya Suryadevara, noted the success of its Cadillac vehicles in the Asian nation despite declining sales overall in China.

The Trump administration's tariffs on imported aluminum and steel raised prices of those commodities, costing the company more than $1 billion a year ago.

'GM delivered another strong year of earnings in a highly volatile environment in 2018.

China was a weak spot in the final three months of last year, however, with operating profit in the country falling by almost 40 per cent compared with a year earlier. GM Financial, the company's lending arm, earned $1.9 billion, nearly 60 percent more than in 2017. Its income from the region fell to US$307 million in the quarter from $504 million a year earlier. Analysts had expected earnings of $1.22 per share on revenue of $36.48 billion.

General Motors Company (NYSE:GM) as of current trade, has shown weekly performance of 2.16% which was maintained at 17.91% in one month period. General Motors Company (NYSE:GM)'s price to sales ratio for trailing twelve month stands at 0.37, whereas its price to book ratio for the most recent quarters is at 1.46.

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