GM reports record 3rd-quarter earnings
DETROIT — General Motors doesn’t seem too worried about slowing U.S. auto sales or economic troubles in Europe.
[...] the automaker put a little more swagger behind its full-year guidance, predicting pretax earnings at the high end of previous forecasts of $5.50 to $6 per share.
The performance is largely because the company shunned low-profit sales to rental car companies, keeping prices and profits high.
“Very much on track to deliver the performance that we promised at the beginning of the year, which is higher profit, higher margins,” Chief Financial Officer Chuck Stevens said.
The numbers came despite sales falling 4 percent through September in the U.S., GM’s most lucrative market, and market share dropping almost a full percentage point to 16.9 percent.
[...] it came despite worries about increased competition in the U.S. with automakers fighting over a slightly smaller pie.
Pickup sales are still healthy, and the company rolled out strong new vehicles such as the Chevrolet Malibu midsize car and the Cadillac XT5 SUV, GM said.
Stevens said that within the next 18 months, GM will replace its compact and midsize crossover SUVs in the hottest part of the U.S. market.