DETROIT — General Motors Co. (NYSE: GM) today announced first-quarter 2018 results reflecting profitability in all operating segments and record earnings in China and from GM Financial.
Income from continuing operations was impacted by a $0.9 billion special charge related to Korea restructuring. Income from continuing operations and EBIT-adjusted reflect the impact of planned production downtime in preparation for the company’s all-new full-size Chevrolet Silverado and GMC Sierra truck launches later this year.
First-quarter 2018 results:
- EPS-diluted of $0.77 and EPS-diluted-adjusted of $1.43
- Revenue of $36.1 billion
- GM North America EBIT-adjusted of $2.2 billion and margin of 8.0 percent
- GM North America is on track to sustain 10 percent full-year margin
- GM International EBIT-adjusted of $0.2 billion, includes record equity income in China of $0.6 billion
- GM Financial EBT-adjusted of $0.4 billion, nearly double year over year
For complete details and to see reconciliations of non-GAAP measures to their most directly comparable GAAP measures, General-Motors-2018-Q1-Earnings
Investor analyst conference call
GM Chairman and CEO Mary Barra and Executive Vice President and CFO Chuck Stevens will host a conference call for investor analysts at 9:30 a.m. EDT today to discuss first-quarter business results. The call will include introductory remarks followed by a question and answer session for analysts.
Journalists who wish to listen to the call may dial in using the following numbers:
- United States: 1-888-808-8618
- International: +1-949-484-0645
- Name of Call: GM Earnings Call
General Motors Co. (NYSE:GM) has leadership positions in the world’s largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang and Wuling brands.
BUICK’S GLOBAL MOMENTUM BUILDS THROUGHOUT FIRST QUARTER
DETROIT — Coming off a strong 2017, Buick momentum continued into 2018’s first quarter with global sales up 9 percent year over year. This growth comes as new products such as the LaCrosse Avenir and updated Envision have begun arriving to customers globally, and amid the launch of an all-new family of Regals. Demand for the Regal has grown rapidly in China since the new model launched last summer, with sales up 35 percent year over year, while Regal Sportback, GS and TourX (U.S. only) availability continues to ramp up in North America.
Buick’s family of three SUVs fueled the brand’s first-quarter growth, with Encore sales surging in the U.S. and Canada and strong Enclave sales in Mexico. Encore had its best retail sales quarter ever in the U.S., and Encore retail sales were up 32 percent year over year in Canada.
The 2018 Enclave launch momentum continues to build, bringing in a growing number of new Buick customers and more affluent customers in the first quarter, with U.S. average transaction prices (ATPs) up more than $5,000 year over year. Total Enclave sales in North America were up 8 percent year over year in the first quarter.
Enclave’s shift upward in the market demonstrates the early popularity of Avenir, Buick’s new luxury sub-brand. More than 22 percent of Enclave North American retails sales have been Avenir models. An Avenir variant of the GL8 is also showing early success in China, while the LaCrosse Avenir just entered the market globally.
Buick’s growing popularity is accelerating the brand’s vision for a future with zero emissions, zero congestion and zero crashes, with an electrification strategy now unfolding in the Chinese market where demand is high. Current electrified Buick vehicles in China include the Regal, LaCrosse, Velite 5 and Velite 6—a recently announced plug-in hybrid arriving later this year. The recent reveal of the Enspire EV Concept also reinforces the brand’s commitment to electrification.
“There’s never been a time like this at Buick,” said Duncan Aldred, vice president, Global Buick and GMC. “This year marks the first full production year for many of our new models and the acceleration of our EV strategy. We’re growing sales and earning accolades that demonstrate how much Buick customers value the attainable luxury products and experiences Buick delivers.”
In the U.S., Buick customer experience was honored earlier this year, when J.D. Power recognized the brand as the mass market leader of Customer Service Index. Kelley Blue Book also recognized Buick as the Best Value Luxury Brand for the sixth consecutive year.