General Motors (NYSE:GM) shares rose 3% Thursday after second-quarter earnings topped analyst estimates as sales of more profitable pickup trucks and crossovers, offset weaker sales in China.
The car behemoth reported adjusted Earnings per Share of $1.64 vs. an estimated $1.44. Revenues rang in at $36.1 billion vs. the estimated $35.98 billion.
GM reported second-quarter net income of $2.41 billion or $1.66 per share, compared with $2.39 billion or $1.66 per share a year earlier.
Excluding one-time items, GM reported earnings of $1.64 per share.
General Motors boasted of delivering 747,000 vehicles in the U.S., a 17% increase year-over-year and a second-quarter record led by crossover sales.
In North America, the company posted a $3 billion profit that’s up from $2.7 billion from the same quarter last year. Income from China dropped 60.3% over the same quarter last year with the Detroit automaker reporting income of $235 million down from 2018′s record income of $592 million. China also reported sales that were down 12%.
GM has recently cut more than 14,000 jobs at factories in the U.S. and Canada after idling factories that produced slow-selling vehicles. The company is also shifting focus toward self-driving and electrified vehicles like the Chevy Bolt EV.
Shares of GM have risen more than 7% over the last 12 months and are up more than 21% since the beginning of the year.
Shares in General Motors began Thursday’s trading day up 75 cents, or 1.9%, to $41.09
