General Motors’ second quarter profit rose just over 1% as strong sales of high-priced pickups and SUVs overcame falling global sales.
DETROIT — GENERAL Motors is reporting a second quarter profit that rose just over 1% as strong sales of higher-priced pickups and SUVs overcame falling global sales.
The Detroit automaker said Thursday that it made $2.42 billion, or $1.66 per share, from April through June. Adjusting for restructuring costs, GM made $1.64 per share, blowing by analyst estimates of $1.44.
Quarterly revenue fell 2% to $36.06 billion, but still beat estimates. Analysts polled by FactSet expected $35.97 billion.
Global sales fell 6 % to 1.94 million vehicles led by declines in North America and Asia Pacific, Middle East and Africa. The company says sales in China were weak, and it expects that to continue through the year.
GM repeated its guidance for full-year adjusted pretax income of $6.50 to $7 per share.