GM Doubles Income In First Quarter But Profits Fall 11%

General Motors' first-quarter net income doubled from a year earlier, though operating profit fell 11 percent primarily due to downtime at the company's full-size SUV plant in Texas.

GM on Tuesday reported net income of $2.15 billion, up from $1.04 billion in the first quarter of 2018. Its adjusted earnings before interest and taxes dropped $300 million to $2.3 billion, as revenue declined 3.4 percent to $34.9 billion. GM's adjusted earnings per share of $1.41, a key estimate for financial analysts, topped Wall Street estimates averaging $1.10. That includes a 31-cent revaluation from GM's stakes in Lyft Inc. and PSA Group.

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Truthy - 4/30/2019 1:40:29 PM

0 Boost

Seem to be on better financial footing than Tesla. Where are SanJose and the rest of the fanboys saying the ICE will be gone in 5 years?

SanJoseDriver - 4/30/2019 2:57:19 PM

+2 Boost

I'm sure Blackberry was doing quite well before Apple gained traction as well ;)

These are solid numbers, but we'll see what happens over the next few years. I didn't realize they invested in Lyft, that was a smart move.

TomM - 4/30/2019 11:24:48 PM

+1 Boost

Right Now - we do not have enough Electric Generation capacity for more than about 3-4% of all cars to be EVs. The idea that we could build the needed capacity in 5 years is laughable - you cannot even get the permits in that time - especially when you consider they require public hearings in most states too, So - that "Schedule" simply cannot happen.

We would need Hundreds of thousands of Charging stations in URBAN areas - where having your own is not feasible as well.

However - GM will also be making more EVs over the next two years - as will lots of other manufacturers - ALL AT A LOSS - because they simply do not have the volume for ALL the different Brands. ANd Tesla - that only makes EVs will be at a disadvantage because they do not produce other highly profitable ICE cars to absorb the losses. Tesla has already said it may need another cash infusion - already the highest leveraged company in the industry - the signs are they will have problems - because they NOW will need second generation product they do not have the money to develop.

SanJoseDriver - 5/1/2019 3:33:33 AM

+1 Boost

I have seen EV stations go from permit application to functioning in weeks. They are cheap and easy to install unlike building a new gas station. I would call San Jose and San Francisco urban areas and they have thousands of chargers each. Check out chargepoint.com to see how many chargers are in urban areas these days.

I don't disagree that hundreds of thousands of chargers are needed, but we already have over 100,000 public chargers in the US. We will have half a million easy in 5 years, and they will charge faster than the ones we have today while EVs will continue to get larger and larger batteries.

Truthy - 4/30/2019 1:45:20 PM

0 Boost

Seem to be on better financial footing than Tesla. Where are SanJose and the rest of the fanboys saying the ICE will be gone in 5 years?