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.

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GM is the largest American carmaker by sales.

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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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