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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.

Junkyard Gem: 1985 GMC Suburban K1500

General Motors has been selling Suburbans since 1935, outlasting the DeSoto Suburban, the Nash Ambassador Suburban and the Plymouth Fury Suburban. These days, the US-market GMC-branded twin to the Chevrolet Suburban wears Yukon XL badging, but GMC Suburbans were sold here from 1937 through 1999. Today's Junkyard Gem is a four-wheel-drive example of the very successful 1973-1991 Suburban generation, found in a car graveyard just outside of Reno, Nevada. The Service Parts Identification sticker on the glovebox lid tells us that this truck was part of a fleet order with some interesting RPO codes, including one for "Retail Amenity Delete." Yes, the cigarette lighter was an extra-cost option. The original engine was a good old carbureted Chevrolet 350-cubic-inch (5.7-liter) small-block V8, and this small-block may even be the one that was installed on the line in Flint, Michigan. The power rating was 165 horsepower and 275 pound-feet, not a lot of power (by our current standards) for a truck that scaled in at nearly two-and-a-half tons, but it was enough for the era. The transmission is the optional 700R4 four-speed automatic. The seat is a bench, as is proper. This is a half-ton with four-wheel-drive and the base Sierra trim level. The High Sierra and Sierra Classic packages (corresponding to Chevrolet's Scottsdale and Silverado names at the time) got you nicer-looking decorations plus some convenience features. The 1985 GMC and Chevrolet Suburbans had identical price tags, which started at $11,650 for the K1500 with 350 engine (about $24,682 in 2024 dollars). The eighth-generation Suburban showed up as a 1992 model, and it received the luxurious independent front suspension that had lived beneath C/K-series GM pickups since the 1988 model year. At some point, the tailgate from a Chevrolet Suburban was installed. Rust works slowly in Nevada, though we don't know where this truck resided before it came to the Silver State. An owner of this truck was a proud member of the International Union of Operating Engineers Local 12, which covers California and Nevada. What broke and sent this truck here? We can't know. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The Suburban doesn't show up in this commercial for the 1985 GMC trucks, but it's still worth a view. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Maserati Quattroporte Trofeo, GMC Yukon XL, Tesla earnings, Maine Mitsubishi Delicas | Autoblog Podcast #689

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. They discuss recently driven cars: the GMC Yukon XL diesel, Maserati Quattroporte Trofeo and Acura TLX Type-S. After that comes recent Tesla news along with cancelled Mitsubishi Delica registrations in the state of Maine. Finally, the editors help a reader spend their money on an affordable crossover. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #689 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving: 2021 GMC Yukon XL diesel 2021 Maserati Quattroporte Trofeo 2022 Acura TLX Type-S News: Tesla earnings and delays Mitsubishi Delica registrations in Maine Spend my money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: