GM Beats Profit Estimates Ahead of New Model Wave

By Tim Higgins - Jul 25, 2013

General Motors Co. (GM)’s second-quarter profit beat analysts’ estimates as the largest U.S. automaker is poised for growth with the one of the biggest waves of new models in its history.

Profit excluding one-time items was 84 cents a share, GM said, exceeding the 77-cent average of 13 estimates compiled by Bloomberg. That compares with 90 cents a share a year earlier. GM rose 0.6 percent to $37.37 at 9:46 a.m. New York time. The shares earlier touched $37.71, the highest intraday price since January 2011.

Demand for pickups in the U.S. as well as Cadillacs and Buicks in China boosted revenue 3.9 percent. The growth for GM, along with Ford Motor Co. and Chrysler Group LLC, is further evidence of the industry’s resurgence even after Detroit this month filed the largest municipal bankruptcy in U.S. history.

“We’re just at the very beginning of our new launch cycle here, a lot of the new product is yet to really come into the market at full run rate,” Chief Financial Officer Dan Ammann told reporters today at the company’s Detroit headquarters.

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http://www.bloomberg.com/news/2013-07-25/gm-beats-profit-estimates-ahead-of-new-model-wave.html