More than doubled profit in a year gives the car giant momentum on the stock exchange – Business Week

The profit increases 157 percent.

US carmaker General Motors boosted by strong demand for SUVs and trucks in its main markets, which generated 157 percent higher net profit in the second quarter compared with the same period last year, writes the Wall Street Journal.

revenues for the quarter were $ 2.9 billion, equivalent to 25 billion, compared with $ 1.1 billion a year ago. Earnings per share were $ 1.86 – market expectations low of $ 1.49 per share.

sales rose 11 percent to 42.4 billion dollars (364 billion), compared with $ 38.2 billion (328 billion) over the same period last year.

The company raises its profit forecast for the year to between 5.50 and $ 6 per share, while warning of Brexit effects of up to $ 400 million (3.4 billion SEK), which could prevent the company from reaching its goal of making a profit on the European market.

the report will be favorably received and the shares rise 4.6 percent on förhandeln.

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