With March behind us, so is the first quarter – and that means that GM earnings for the time period are expected soon. General Motors will share its first quarter 2019 financial results on Tuesday, April 30th, and GM Authority will be on hand to bring you coverage.
General Motors closed out 2018 on a strong note, reporting $2.1 billion in income on $38.4 billion in revenue for the fourth quarter. For all of 2018, the automaker reported a pre-tax profit of $10.8 billion, which was down from $11.9 billion in 2017 – that’s an 8.3 percent drop. However, the automaker beat Wall Street expectations, reporting $38.4 billion in revenue, beating the $36.48 billion estimate.
It will be interesting to see how Q1 2019 will play out. The automaker is in the midst of a restructuring, proposing to idle plants, lay off works, and discontinue low-margin models.
The automaker also saw sales volume decline 6.7 percent in the first three months of 2019, with sales down across all four brands: Chevrolet sales fell 7.85 percent, Cadillac sales slipped 2 percent, Buick sales 8.7 percent and GMC sales declined 4.39 percent.
GM’s moneymakers – the Chevrolet Silverado and GMC Sierra – posted drops of 15 percent and 2 percent, respectively. The same holds true for other high-margin GM models – its full-size SUVs. Chevy Tahoe and Suburban sales fell 11.8 percent and 25 percent, respectively, while GMC Yukon sales were flat and Cadillac Escalade sales fell 16 percent.
While sales declined overall, there were several bright spots: the Chevrolet Colorado and Chevrolet Trax saw sales increase 16 and 20 percent, respectively, while Buick Enclave sales jumped 27 percent.