GM 4Q profit hurt by China sales drop | #AsiaNewsNetwork

GM 4Q profit hurt by China sales drop | #AsiaNewsNetwork

GM 4Q profit hurt by China sales drop | #AsiaNewsNetwork

CFO 's Dhivya Suryadevara said higher commodity costs in 2018, which partly stemmed from the effect of tariffs on steel and aluminum, hurt the company's bottom line past year by more than $1 billion. They'll get US$10,750 each, less than last year's US$11,500.

Eligible employees will receive their share in their February 22nd paycheck. But it still means big profit-sharing checks for about 46,500 union workers in the US, including those at GM's plant in Lordstown.

"The UAW Membership makes the components for and builds the finest General Motors cars, trucks, crossovers, SUVs and vans in the world right here in the U.S.A.", UAW vice president and director of the GM department Terry Dittes said in a statement.

The profits are being announced as GM lays off about 4,300 white-collar workers, many of them at its giant technical centre in a nearby suburb of Warren, Michigan.

While GM has been praised for reducing costs, lawmakers have been critical of General Motors for closing plants and laying off thousands of workers.

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Barra also cited the company's efforts to shift numerous affected hourly workers to other plants, lessening the impact of the cuts among blue-collar workers.

Almost 950 workers from locations in MI and OH have accepted transfer opportunities to other GM locations in the USA, the company said. The firm's quarterly revenue was up 1.8% on a year-over-year basis.

Full-year revenue rose 1 percent to $147.05 billion, also beating estimates of just over $145 billion.

GM released its 2018 year-end report on Wednesday, saying that in the midst of a softening auto market in China, it delivered 3,645,044 vehicles there, down 9.8 percent year on year.

General Motors Co. ended last quarter on a strong note, blowing away Wall Street's earnings estimates.

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"Our outlook for China overall is for the auto industry to be flat year over year", Chief Financial Officer Dhivya Suryadevara told reporters.

The Trump administration's tariffs on imported aluminium and steel raised prices of those commodities, costing the company more than US$1 billion past year.

General Motors (NYSE:GM) (TSE:GMM.U) had its target price increased by stock analysts at Royal Bank of Canada from $50.00 to $52.00 in a research report issued on Thursday. US Representative, Dan Kildee, wants GM Q4 profits to be reinvested in his native US state of MI to save more employees.

For the full year, GM made $423 million pretax from its global operations, about one third of the $1.3 billion from a year earlier. Its income from the region fell to US$307 million in the quarter from $504 million a year earlier. She said GM cut costs in other areas to mitigate the impact.

The shares of General Motors Company (NYSE:GM) has been pegged with a rating of Neutral by Goldman in its latest research note that was published on September 11th, 2018. A high P/E suggests that investors are expecting higher earnings growth in the future compared to companies with a lower P/E. At the same time, average transaction prices hit a record level of nearly $36 000.

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