GM posts $8.1B profit; offer up to $10,750 in profit sharing

Mae Love
February 7, 2019

GM says the layoffs are part of a restructuring will add up to $2.5 billion to its bottom line this year. Excluding restructuring charges, the company's per-share earnings were $1.43, also breezing past Wall Street expectations of $1.24.

The quarterly statement is good news for GM in an increasingly challenging environment.

General Motors President Mark Reuss unveils the Chevrolet Silverado HD at Flint Assembly, Feb. 5 in Flint, Mich. Pickups from the Detroit automakers were the three top-selling vehicles in the US last year, totaling more than 2 million in sales.

GM is the largest American carmaker by sales.

Dhivya Suryadevara, 39, chief financial officer, said yesterday that increased materials costs, in part related to the United States import tariffs on steel and aluminium, had knocked about $1 billion off full-year profits and would...

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

Profit in North America rose 5.8 percent to $3 billion, while GM's worldwide operations lost $48 million.

GM thinks that it will outpace last year's performance in 2019. That segment includes China, which still made money for GM but saw a decline in earnings. The equity income the automaker took home from its Chinese joint venture fell to $307 million from $504 million in the quarter, even though Cadillac sales rose 17 percent in the country. Global carmakers are fighting through slowing demand in all their major markets and a trading war between the US and China. -China trade spat and slowing demand in Europe, China and the U.S.

Just a few hours ago, Daimler AG said it's preparing a "comprehensive" cost-cutting program to help cope.

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