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GM posts $4 billion third-quarter profit thanks to trucks and SUVs

DETROIT — General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months after losing money due to the virus outbreak. GM's adjusted earnings were $2.83 per share, easily outpacing Wall Street's per-share projections of $1.43, according to a survey by FactSet. Revenue of $35.5 billion also edged out most expectations. Shares jumped almost 6% before the opening bell Thursday. The company swung back from a $806 million loss in the second quarter, when it was restarting factories shuttered for safety during the early stages of the pandemic. The Detroit automaker joined most global automakers in reporting better-than-expected earnings from July through September as sales across the globe started to rebound from coronavirus lockdowns, especially in China. GM sales in China jumped 12% in the third quarter, with sales of its Buick and Cadillac brands both rising more than 25%. In the U.S., GMÂ’s most profitable market, sales fell 9.9% in the third quarter compared with a year ago, but were a dramatic improvement over the 34% drop in the second quarter. Sales improved sequentially each month, the automaker said, an encouraging trend. GMÂ’s profit was boosted by higher-priced pickup trucks and large SUVs, which have seen strong sales in the U.S. through the pandemic. It was the best quarter on record for GM's Chevrolet Blazer. Sales of the Cadillac XT6 spiked 45% in the U.S. over last year. Large pickups also sold well. GM also said it was pumping $2 billion into its Spring Hill, Tennessee manufacturing plant to push its transition to produce electric vehicles. Last week, crosstown rivals Fiat Chrysler and Ford reported strong third-quarter net income. FCA said it made $1.4 billion for the period, while Ford earned $2.39 billion. Related Video: Earnings/Financials Buick Cadillac Chevrolet GM GMC

General Motors posts record earnings, but global sales fall

General Motors started the year with record success. The automaker's $2.7 billion in adjusted earnings before interest and taxes was its highest ever in in the first quarter of 2016, up from $2.1 billion in from the same time period a year earlier. Net income grew to $1.95 billion, which was more than double the $953 million in the same period last year. The company's figures also beat analysts' predictions, according to the Detroit Free Press. Despite the financial growth, global sales actually decreased by 2.5 percent to 2.36 million vehicles. "We're growing where it counts, gaining retail share in the US, outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China," CEO Mary Barra said in the company's financial announcement. GM did well in North America with an adjusted EBIT of $2.3 billion, up from $2.2 billion last year. Sales in the region also grew 1.2 percent to 800,000 vehicles. According to The Detroit Free Press, the company has been especially successful at selling more expensive models in the US. The company's average vehicle was $34,600 in Q1, about $3,000 more than the industry average. Elsewhere in the world, GM also showed improvement. Europe practically broke even after losing about $200 million last year, and Opel and Vauxhall sales grew 8.4 percent to more than 300,000 vehicles for the quarter. South America only lost $100 million, which was half as much as Q1 2015's $200 million loss. China remained flat at $500 million of income. Cadillac volume jumped 6.1 percent there, and Buick's deliveries increased 22 percent, thanks to the Envision crossover's success. GM Reports First-Quarter Net Income of $2.0 Billion 2016-04-21 EPS diluted of $1.24; First-quarter record EPS diluted-adjusted of $1.26 First-quarter record EBIT-adjusted of $2.7 billion GM Europe posts break-even performance DETROIT – General Motors Co. (NYSE: GM) today announced first-quarter net income to common stockholders of $2.0 billion or $1.24 per diluted share, compared to $0.9 billion or $0.56 per diluted share a year ago. Earnings per share diluted-adjusted for special items was a first-quarter record at $1.26, up 47 percent compared to the first quarter of 2015. The company set first-quarter records for earnings and margin, with earnings before interest and tax (EBIT) adjusted of $2.7 billion and EBIT-adjusted margin of 7.1 percent.

Buick Avenir will be made...as a trim level instead of a car

Almost two years after Buick showed the gorgeous Avenir concept, the company announced the Avenir name will reach production. Specifically, it will be a top-tier trim level for 2018 model year Buicks. It's taking a page from GMC's Denali, Lincoln's Black Label, and, well, plenty of examples of extra-fancy sauce. This is disappointing news for fans of the concept, but they can take solace in the fact that the Avenir's good looks are starting to rub off on production Buicks, such as the new LaCrosse. For those interested in what this new Avenir trim will bring to the table, it's a similar formula to what many other auto brands are doing. Buick specifically compares Avenir with the Denali trim for GMC. Models with the trim will get a special 3D mesh grille inspired by the Avista concept, large wheels and unique trim finishes outside. Inside, Avenir models will receive a nicer interior, which Buick generically described as having "unique seat details" and "modern trim materials." Cars equipped with the package will also get a smattering of Avenir badges. Avenir looks like a win-win: interested buyers get some extra cachet and bragging rights and Buick gets to load high-profit options on it cars and SUVs. Buick's inspiration for the Avenir trim is a bit strange, though. The company says it is "inspired by Buick's evolving customer base," which includes women and owners of competing products. Apparently both groups are buying Buicks in greater numbers, and the company also says that many of their customers opt for the most expensive trims. While it seems straightforward to tailor a package for luxury-seeking buyers, we're not sure what would make a package specifically appeal to women and people with competitors' vehicles. That being said, Buick isn't as patronizing as Cosmopolitan was with its car. In fact, quite the opposite. With Avenir, Buick is cashing in on new customers that willing to pay for luxury plain and simple, without any pandering. Related Video: Auto News Buick Luxury denali buick avenir