GM beats on earnings as SUV boom continues in the US
Analysts had expected $1.24 a share, but GM delivered $1.39 on $39.6 billion of revenue for the quarter.
In a brief conference with reporters, GM CFO Chuck Stevens highlighted the carmaker's strong 2015 performance, its investment in the ride-hailing service Lyft, and addressed GM's money-losing operations in Europe, a weak point for much of the auto industry in recent years.
He also stressed that GM didn't intend to repeat what some industry observers consider the company's past mistakes - namely pursuing market-share growth in the US above all else, including profitability.
"We're not going to chase share for share's sake," Stevens said.
GM's strong quarterly report come on the heels of a better-than-expected January for US auto sales, the first month after a record 2015 for the industry, with 17.5 million new cars and trucks sold. The industry is surging thanks to low gas prices and easy credit, driving a boom in highly profitable trucks and SUVs.
GM closed down slightly in trading Tuesday, at $30, but shares were up by over 2% in premarket action on Wednesday.
