When General Motors Co. (NYSE: GM) released its most recent quarterly results before the markets opened on Wednesday, the automaker said that it had $1.43 in earnings per share (EPS) and $38.4 billion in revenue. That compares with Thomson Reuters consensus estimates of $1.22 in EPS and revenue of $36.48 billion. In the fourth quarter of last year, GM said it had EPS of $1.65 on $37.72 billion in revenue.
The latest quarterly results were led by strong performance in GM North America, driven by a rich vehicle mix and strong pricing for GM’s all-new full-size pickup trucks.
In January, GM announced that Cadillac will lead the company to an all-electric future, revealing the brand’s plan for its first fully electric vehicle. Following the success of the XT4 compact luxury SUV, Cadillac revealed the all-new three-row XT6 crossover. The brand also hinted at a future Escalade and upcoming performance sedan. To continue this product momentum, Cadillac will launch a new model every six months through 2021.
In 2018 GM delivered nearly 3 million vehicles in the United States, with crossover sales topping a million. Separately, in the midst of a softening market in China, GM delivered 3.65 million vehicles. Cadillac deliveries in China surpassed 200,000 units, rising 17.2% for the year, while the brand’s global sales increased by 7.2%.
Overall the company sold 8.4 million vehicles globally for the full year.
Mary Barra, GM’s board chair and chief executive, commented:
GM delivered another strong year of earnings in a highly volatile environment in 2018. We will continue to make bold decisions to lead the transformation of this industry and drive significant shareholder value.
Shares of GM were last seen up about 2% at $40.17 on Wednesday, in a 52-week range of $30.56 to $45.00. The consensus analyst price target is $45.45.