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GM profit dips on truck changeover, but beats estimates

DETROIT — General Motors on Thursday reported a higher-than-expected quarterly profit despite a drop in production of high-margin pickup trucks, as it gears up for new models that are expected to boost profits next year. Like rivals Ford and Fiat Chrysler Automobiles, GM is banking on highly-profitable Chevy Silverado and GMC Sierra pickup trucks to lift profits, as consumers shift away from traditional passenger cars in favor of these larger, more comfortable trucks, SUVs and crossovers. During the first quarter, the process of changing over to GM's new pickups resulted in a drop in production of 47,000 units. GM Chief Financial Officer Chuck Stevens said the production drop had resulted in a drop in pre-tax profit of up to $800 million. Earlier this year, GM said its 2018 profits would be flat compared with 2017, but expected its all-new pickup trucks would boost margins starting in 2019. On Thursday, GM reiterated its full-year 2018 forecast for adjusted earnings in a range from $6.30 to $6.60 per share. The automaker said capital expenditures were more than $500 million higher in the quarter because of investments its new pickup trucks and a family of low-cost vehicles under development with Chinese partner SAIC Motor Corp. On Wednesday, rival Ford said it would stop investing in most traditional passenger sedans in North America. CFO Stevens told reporters on Thursday that GM has "already indicated that we will make significantly lower investments on a go-forward basis" in sedans. 2019 GMC Sierra View 21 Photos GM benefited from a lower effective tax rate in the quarter, but adjusted pre-tax margin fell to 7.2 percent from 9.5 percent a year earlier. Stevens said the company's profit margin should hit 10 percent or higher in the second quarter and for the full year. GM said material costs were $700 million higher in the first quarter, and it expects those costs to continue rising. The automaker said it would counter those increases with cost cutting measures. "It is a more difficult environment than it was three or four months ago," Stevens said when asked about rising commodity prices from potential steel and aluminum tariffs announced by the Trump administration. "But we are confident we can continue to offset that." The company reported quarterly net income of $1.05 billion or $1.43 per share, a drop of nearly 60 percent from $2.61 billion or $1.75 per share a year earlier. Analysts had on average expected earnings per share of $1.24.

Ford F-150, Chevy Silverado, Toyota Tundra flunk IIHS headlight test

The Insurance Institute for Highway Safety put pickup truck headlights to the test and found that the majority of them were equipped with subpar units. The 2017 Honda Ridgeline was the only truck to earn a rating of "good." The large pickup truck test was comprised of the: 2016 to 2017 GMC Sierra, 2017 Nissan Titan, 2016 Ram 1500, 2016 to 2017 Chevrolet Silverado, 2016 to 2017 Ford F-150, and 2016 to 2017 Toyota Tundra. The Sierra's headlights earned a rating of "acceptable," the headlights found on the Titan and Ram 1500 were found to be "marginal," and the ones on the Silverado, F-150, and Tundra were rated as "poor." IIHS claims the F-150 was the most disappointing out of the large pickup trucks as both its halogen and optional LED headlights failed to provide adequate visibility during testing. The Ridgeline (which earned a "good rating"), is usually considered a midsize or small truck, though IIHS included it in the field of large pickups. The headlights on the 2016 Chevrolet Colorado, 2016 GMC Canyon, 2016 Nissan Frontier, and 2016 to 2017 Toyota Tacoma, which made up the small pickup truck group, all earned a rating of "poor." The IIHS claimed the Colorado had the worst headlights of any truck that was tested, as the base vehicle's units were only able to illuminate up to 123 feet in front of the car. The Ridgeline's headlights, for reference, were able to illuminate up to 358 feet in front of the vehicle. To conduct its test, the IIHS utilizes a special tool to measure how far light is projected out of the headlights in different driving situations. The trucks' headlights were tested in a straight line and in corners, while vehicles with high-beam assist were given extra praise. The headlights on the pickup trucks also mimic the testing that was done on small SUVs and cars earlier this year. Next year, automakers will need to fit their vehicles with headlights that earn a rating of either good or acceptable to earn the IIHS Top Safety Pick+. Related Video:

Recharge Wrap-up: Ford steals Best Green Brand spot from Toyota, EV buyer survey goes online

Chevrolet is one of the Top Global Green Brands of 2014, according to brand consultancy firm Interbrand. Chevy ranks number 32 on the list, which cover brands across a wide variety of segments. The report measures brand perception and brand performance, and the gap between the two is small for Chevrolet. "The company is not only actively demonstrating its environmental commitment," says Interbrand CEO Jez Frampton. "It's communicating those efforts in an authentic way that resonates with customers." Chevrolet cites its Spark EV, Volt and Cruze models as reason for its green cred. This is the first time Toyota didn't take the top spot. Being 32nd is good and all, but other automotive brands ranked much higher than the Bowtie. Ford, Toyota, Honda and Nissan took the top four spots in the report, respectively, with BMW, Volkswagen and Mercedes-Benz all besting Chevrolet. The big takeaway here is that Ford topped the list. In the Top Global Green Brand list's four-year history, this is the first time Toyota didn't take the top spot. Ford was second on the list last year, and 15th in 2012. "Ford embodies everything the business of the future must be: efficient, visionary, flexible, adept at problem-solving, cooperative, and focused on creating shared value," Interbrand says on its website. "From unveiling a first-of-its-kind solar-powered vehicle, the C-MAX Solar Energi Concept, to partnering with peers across sectors to do the seemingly impossible - like creating bio-plastic out of tomato fiber with Heinz-Ford is showing us what's possible." It bears mentioning that Ford's most recent MPG adjustments came after the study was conducted. Ford is also making the news for its 1.0-liter EcoBoost engine earning International Engine of the Year for the third straight year. Awarded Best Engine Under 1.0 Liter, the turbocharged three-cylinder motor earned high praise from judges. "This year's competition was the fiercest yet, but the 1.0-liter EcoBoost continues to stand out for all the right reasons – great refinement, surprising flexibility and excellent efficiency," said International Engine of the Year co-chairman Dean Slavnich. "The 1.0-liter EcoBoost engine is one of the finest examples of powertrain engineering." The 123-horsepower engine powers the Fiesta 1.0-liter EcoBoost, and will be available in a version of the Ford Focus in the US later this year. See more about the award in the press release, below.