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GM sees higher 2019 profits on job cuts, solid US, China sales

Auto News - Published on Tue, 15 Jan 2019

Image Source: ET Auto
Money Control reported that General Motors projected strong 2019 profits, fueled by savings from a deep restructuring including job cuts, and by solid sales in the United States and China. GM, which has faced criticism from President Donald Trump and other US politicians over the planned layoffs, expects USD 2 to USD 2.5 billion in additional profits this year due to the restructuring, pushing its earnings-per-share forecast well above analyst expectations.

The biggest US automaker forecast 2019 profits of USD 6.50 to USD 7.00 a share, compared to the USD 5.88 now expected by Wall Street analysts. GM also said it sees 2018 earnings per share as exceeding analyst expectations.

GM has defended the job cuts as needed to position the company long-term, in part by providing funds to build autonomous cars and other new offerings.

Chief Financial Officer Dhivya Suryadevara said in a statement that "We are focused on strengthening our cash generation and creating efficiencies that will position us to take advantage of opportunities through the cycle.”

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Posted By : Joykumar Irom on Tue, 15 Jan 2019
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