General Motors Co. posted a better-than-expected net profit on Thursday as high-margin pickup trucks, SUVs and crossovers helped overcome slowing sales in the United States and China, and reiterated its full-year earnings forecast.
Reuters reported that GM shares gained about 3% premarket.
Virtually all of the No. 1 U.S. automaker’s profit came from North America, where it posted an adjusted pre-tax margin of 10.7%.
“Our results demonstrate the earnings power of our full-size truck franchise, with more upside to come,” Chief Executive Office Mary Barra said in a statement.
GM’s strong showing came despite slumping industry demand in China, the world’s largest auto market, and an escalating price war in the lucrative U.S. pickup truck segment.
Other automakers, including U.S. rival Ford Motor Co. and Germany’s Daimler AG, offered disappointing forecasts last week.
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