Saturday, Aug 27, 2016
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Automotive

BUSINESS BRIEF

Pickups help GM top profit forecast

DETROIT — General Motors, the largest U.S. automaker, posted a third-quarter profit that beat estimates as demand for redesigned pickups and other models in North America made up for losses in Europe and in Asia outside of China.

Profit excluding one-time items was 96 cents a share, GM said Wednesday, exceeding the 94-cent average of 13 analysts’ estimates compiled by Bloomberg. That compares with 93 cents a share a year earlier.

GM’s new cars and trucks in the United States, such as the revamped Chevrolet Silverado pickup, along with booming sales of Buicks in China, boosted revenue to $39 billion from $37.6 billion a year ago, missing the $39.4 billion average estimate of five analysts. North America adjusted earnings before interest and taxes rose to $2.19 billion from $1.72 billion a year earlier.

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