General Motors Co. displays the new Chevrolet 2020 Silverado HD pickup truck at the GM Flint Assembly Plant in Flint, Michigan, U.S. February 5, 2019. REUTERS/Rebecca Cook
DETROIT (Reuters) – General Motors Co on Wednesday swung to a quarterly profit from a year-earlier loss as profitable pickup trucks and crossovers in the U.S. market, combined with cost-cutting, helped offset lower overall sales.
The No. 1 U.S. automaker reported fourth-quarter net income of $2.1 billion or $1.40 per share, versus a loss of $5.2 billion or $3.65 per share a year earlier. Excluding one-time items, GM earned $1.43 a share. Analysts polled by Refinitiv IBES had expected earnings of $1.22.
Reporting by Nick Carey and Ben Klayman in Detroit; Editing by Nick Zieminski