GM posted better-than-expected net profit, with high-margin pickup trucks, SUVs and crossovers helping the automaker overcome slowing sales in the U.S. and China $GM
) has been battling for market share with its all-new Ram pickup and outsold the Silverado in the second quarter.
In the second quarter, GM’s China sales slid 12%, a slight improvement over the 17.5% decline in the first quarter. GM’s equity income from its Chinese operations fell to $235 million from $592 million a year earlier. The automaker said Chinese equity income in the second half of the year should roughly match the $611 million it posted for the first half.
The automaker also said it still expects full-year adjusted automotive free cash flow in a range of $4.5 billion to $6 billion, meaning it would need to generate between $5.9 billion and $7.4 billion in the second half of the year. Jefferies analyst Philippe Houchois said in a research note that hitting the cash flow target “still looks challenging.”GM Chief Financial Officer Dhivya Suryadevara said the carmaker still expects capital spending for the year of $8 billion to $9 billion.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GM beats on earnings, with results powered by US truck marketGM posted a quarterly net profit that handily beat market expectations, helped by US sales of high-margin pickup trucks, SUVs and crossovers.
Read more »
Dump truck strikes two state troopers and multiple pedestrians in New JerseyBoth troopers, who were outside their patrol cars, were taken to a hospital. The pedestrians reported no serious injuries, state police said on Twitter.
Read more »
Pickup trucks drive GM second quarter profit beat despite sales dropGeneral Motors Co posted a better-than-expected net profit on Thursday as high-m...
Read more »
The L.A. food scene is amazing. These 7 restaurants remind us why'Looking over my first six months of reviews, these seven restaurants stood out as an ensemble that typifies the scope and energy of Los Angeles dining right now,' writes BillAddison.
Read more »
'I'm a walking miracle': Gilroy Garlic Festival survivor describes how he saw shooter appear from behind snow cone truck'It was a military grade guy coming to do some damage,' McFarland, 26, told ABC News, describing the shooter as wearing tactical boots and a camo suit. 'This guy has a huge gun, with a huge clip and I think he’s going to start shooting people,' McFarland said of the gunman, who authorities
Read more »