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GM says it financial performance for Q1 2017 produced a net income of $2.6 billion. Earnings per share or (EPS-diluted) were $1.70, up +37%. GM set Q1 records for revenue, EBIT-adjusted and EBIT-adjusted margin. There were also Q1 records for GM North America with an EBIT-adjusted of $3.4 billion, +49%, and a margin of 11.7%, up 3 percentage points. GM Financial had net revenue of $2.9 billion, up +38.7%.
During the first quarter, GM delivered globally 2,343,773 vehicles, -34,261 or -1.4%. In the U.S., it delivered 689,521 total vehicles, with a 16% increase in crossover deliveries and a 3% increase in truck deliveries. However, truck and SUVs are not resulting in incremental sales but rather hurting the sales of cars. These results included the best first-quarter retail sales since Great Recession of 2008, as GM increased its U.S. retail market share to an estimated 16.9%, up 0.3 percentage points. This is claimed to be the fastest growth of any full-line automaker. (Compact SUVs Make March Sales Roar and US March Sales Continue Torrid Pace)
In China, by far GM’s largest market, and the world’s, retail deliveries decreased -5.2% to 913,442, vehicles, attributed to a reduction in the country’s vehicle tax purchase incentive. (China Light Vehicle Sales Slow in January) Chevrolet continued its 16 years of South American market leadership, delivering 147,000 vehicles, up 10.9% compared to 2016.
