General Motors Company (NYSE:GM) shares rose as much as 3.7 percent in premarket trading after the automaker announced an 11 percent increase in April sales in the U.S. Then the stock continued rising another 4 percent after the markets opened.
Earlier this year General Motors Company (NYSE:GM) said that it expected only modest increases in profits for the year. According to MarketWatch, the company reported the sale of 237,646 pick-up trucks and automobiles during the month in the U.S.
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That pushes the automaker’s seasonally adjusted annual sales rate up to 15 million. General Motors Company (NYSE:GM) said sales of Cadillac vehicles led the sales increase. They rose 34 percent compared to the same month a year ago. GMC jumped 6.7 percent compared to last April’s sales.
General Motor Company (GM)’s Latest Quarterly Results
Along with April’s encouraging sales in the U.S., we also have GM’s latest quarterly results. The automaker’s first-quarter profits dropped by 11 percent. Its net income was 58 cents per share or $1.2 billion, including preferred dividends. Profits excluding one-time items were 67 cents per share, compared to the consensus estimate of 54 cents per share. Revenue dropped 2 percent to $36.9 billion.
GM said it’s planning to replace a good portion of its lineup with newly redesigned vehicles by the end of the year. It won’t likely see the benefits of these new vehicles until the second half of the year.
General Motors In Europe
General Motors Company (NYSE:GM) has been struggling as European demand for its vehicles declines. However, it managed to cut down on its first-quarter losses there. The company’s adjusted loss before interest and taxes in Europe was $175 million, compared to last year’s $294 million loss in the same quarter. The automaker even managed to outperform Ford Motor Company (NYSE:F) in the region, according to Bloomberg.