GM Reports First-Quarter Earnings

General Motors has just reported first-quarter earnings. Net income is up, profit is down, and the company has declared a quarterly dividend.

The automaker reported a net income for the first quarter this year of $2.15 billion. That’s up from $1.04B the same time last year. Adjust earnings before interest and tax, though, dropped $300m to $2.3 billion. Revenue was down as well, 3.4 percent to $34.9 billion.

Earnings per share were up, hitting $1.41, which beat Wall Street estimates.

Helping those earnings, the company said, were strong sales of the new Silverado and Sierra. Sales of those pickups were up 20 percent year over year, and thanks to launching high-dollar trims first, transaction prices were up nearly $5,800. GM reported that more than 95 percent of 2019 Sierra sales are high-end trims.

Those gains in pickups helped offset income reductions of 17 percent in China and loss of 23,000 units of full-size SUV production for a plant downtime in Texas.

GM also announced a 38 cent per share dividend for the quarter. GM CFO Dhivya Suryadevara said that GM expects strong results for 2019, with adjusted earnings between $6.50 and $7 per share.

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