GM Reports 2017 Q1 Net Income of $2.6 Billion – up +33.5%

AutoInformed.com on GM Q1 2017 Financial Results

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GM says it financial performance for Q1 2017 produced a net income of $2.6 billion. Earnings per share or (EPS-diluted) were $1.70, up +37%. GM set Q1 records for revenue, EBIT-adjusted and EBIT-adjusted margin. There were also Q1 records for GM North America with an EBIT-adjusted of $3.4 billion, +49%, and a margin of 11.7%, up 3 percentage points. GM Financial had net revenue of $2.9 billion, up +38.7%.

During the first quarter, GM delivered globally 2,343,773 vehicles, -34,261 or -1.4%. In the U.S., it delivered 689,521 total vehicles, with a 16% increase in crossover deliveries and a 3% increase in truck deliveries. However, truck and SUVs are not resulting in incremental sales but rather hurting the sales of cars. These results included the best first-quarter retail sales since Great Recession of 2008, as GM increased its U.S. retail market share to an estimated 16.9%, up 0.3 percentage points. This is claimed to be the fastest growth of any full-line automaker. (Compact SUVs Make March Sales Roar and US March Sales Continue Torrid Pace)

In China, by far GM’s largest market, and the world’s, retail deliveries decreased -5.2% to 913,442, vehicles, attributed to a reduction in the country’s vehicle tax purchase incentive. (China Light Vehicle Sales Slow in January) Chevrolet continued its 16 years of South American market leadership, delivering 147,000 vehicles, up 10.9% compared to 2016.

About Ken Zino

Ken Zino is an auto industry veteran with global experience in print and electronic media. He has auto testing, marketing, public relations and communications expertise garnered while working in Asia, Europe and the U.S.

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