GM doubles profit in North America to record on truck surge - Newsday
General Motors' second-quarter net income of $1. 1 billion beat analyst estimates by a wide margin as rising light-truck sales in the U. S. and surprising strength in China led the way. Chief Financial Officer Chuck Stevens credited record margins in North America and improved profit in China. GM's profit rebounded from a year earlier as U. S. buyers continue their love affair with trucks and the nation's largest automaker overcame a tough car market in China by boosting sales of more-expensive sport utility vehicles and Cadillacs. "The first two quarters of the year were strong as we fully capitalized on a robust North American industry and maintained our strength in China, despite the challenging conditions in that market," Chief Executive Officer Mary Barra said in a... The company expects profit in North America and China to continue to improve in the second half, which should boost adjusted earnings before interest and taxes above the first half's $5 billion, Stevens said. "GM delivered powerful second-quarter results significantly in excess of low expectations, and generated very strong free cash flow while buying back a greater-than-expected $2. 1 billion of stock at advantageous prices," Ryan Brinkman, a JPMorgan... Source: www.newsday.com
