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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.

Editors' Picks June 2022 | Acura MDX and the revamped GMC Sierra

This month of Editors' Picks include a pair of excellent vehicles vying for a spot at the top of their respective classes. GM has long disappointed us with its latest generation of Silverado and Sierra pickups, but the 2022 update is a turning point. Plus, Acura rounds out its MDX lineup with a Type S model, and it's enough to earn an Editors' Pick. In case you missed our previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in June that earned an EditorsÂ’ Pick. 2022 GMC Sierra 1500 2022 GMC Sierra Denali Ultimate View 44 Photos Quick take: GM fixes the GMC Sierra's biggest flaw this year with a new interior. Plus, it gains the AT4X trim for more off-road prowess and keeps all that was good from before. Score: 8.0 What it competes with: Ford F-150, Ram 1500, Toyota Tundra, Nissan Titan, Chevrolet Silverado 1500 Pros: Top-notch luxury interior, stout capability, wide range of great powertrains Cons: Ride is flinty/rough, looks that divide From the editors: Road Test Editor Zac Palmer — "It really depends on what trim level you spring for with the Sierra. Buy the Denali Ultimate, and the interior is just as good as the competition. If you're not going all out on luxury features, though, at least get the diesel. It's the smoothest operating diesel engine out there, and it's also efficient. This is one great truck when you set it up in the ideal configurations." Senior Editor James Riswick — "The GMC Sierra Denali interior has gone from "They just didn't try" to "They tried harder than everyone else." The Denali Ultimate's design, detailing and materials are particularly impressive. If you want a luxury truck, this delivers." In-depth analysis: 2022 GMC Sierra Review | GM's 'premium truck' is actually now premium   2022 Acura MDX 2022 Acura MDX Advance View 23 Photos Quick take: The MDX is one of the best luxury bargains in the three-row class. It has great looks, a sumptuous and sporty interior and even offers a Type S performance variant.

GMC goes to the dark side with Terrain and Acadia Black Edition

GMC recognizes how many of its SUVs are customized immediately after purchase. It's not uncommon for a big SUV to be ordered in black, and then to receive a murdered-out look on top of that: black wheels, black tint, black trim. According to GMC, roughly 1 in 5 new SUV buyers gets their new vehicle customized, and to better serve those customers, GMC is now saving them the trouble of doing it aftermarket. As per GMC's statement: "Black Editions answer the specific desire for a blacked-out effect and come direct from the factory ingrained with distinct personality." Both the 2019 GMC Terrain and Acadia will be available in the special "Black Edition" from this summer on. They both feature blacked-out grilles, roof rails, mirror caps and trim. The Terrain's Black Edition, available on SLE and SLT spec, gets 19-inch gloss black aluminum wheels, and the SLT-only Acadia Black Edition gets 20-inch machined aluminum wheels with black accents. Despite the name, the Black Editions are both available in four colors other than just black — even if those are mainly shades of grey with an option for white as well. Related Video: