General Motors reports strong first-quarter profits as prices help offset small US sales dip
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
By TOM KRISHER
Published - Apr 23, 2024, 06:37 AM ET
Last Updated - Apr 23, 2024, 06:37 AM EDT
DETROIT (AP) — 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.
The Detroit automaker said that while its average sales price per vehicle was down slightly from last year at just under $50,000, pickup sales remained strong, and it's not seeing the price erosion across its lineup that other companies have experienced.
GM on Tuesday said it made $2.97 billion from January through March, with revenue increasing 7.6% over the same period a year ago to just over $43 billion.
Excluding one-time items the company made $2.62 per share, beating Wall Street estimates of $2.13, according to FactSet.
