- Ronaldo scores 133rd Portugal goal in Nations League win over Poland
- 40 nations contributing to UN Lebanon peacekeeping force condemn 'attacks'
- Eight dead as heavy rain thrashes Brazil after long drought
- Jewish school in Canada hit by gunfire for second time
- Morocco crush Central African Republic, Guirassy scores hat-trick
- Dupont scores quickfire hat-trick on Toulouse Top 14 return
- Ronaldo scores in Portugal's Nations League win as Spain sink Denmark
- Interim boss Carsley has not applied for England job
- Mets hurler Senga ready to take on Dodgers in game one of NL Championship Series
- Ronaldo on target again as Portugal defeat Poland in Nations League
- Guardians rip Tigers 7-3 to advance in MLB playoffs
- AFP, BBC win top French war reporting awards
- Carsley goes back to basics as humbled England face Finland
- Alex Salmond: the man who took Scotland to the brink of independence
- Scotland's former leader Alex Salmond dies aged 69: party
- UN warns of catastrophe as Israel fights a two-front war
- Croatia extend Scotland's losing streak
- South Africa, New Zealand boost T20 World Cup semi-final hopes
- 'Very challenging': Israel faces Hezbollah in tricky terrain
- Farrell begins to feel at home as Racing 92 beat Toulon
- South Africa boost T20 World Cup semi-final hopes with Bangladesh win
- Samson ton powers India to T20 series sweep after record total
- Djokovic to face Sinner in Shanghai final with 100th title in sight
- UN peacekeepers to remain in Lebanon: spokesman
- Pro-Conquest film fuels debate in Mexico over colonial legacy
- Samson ton powers India to record 297-6 in Bangladesh T20
- New Zealand enjoy perfect start to America's Cup defence over Britain
- Pogacar emulates icon Coppi with fourth straight Il Lombardia triumph
- UN warns against 'catastrophic' regional conflict
- New Zealand crush Ineos Britannia in America's Cup opener
- Djokovic to face Sinner in blockbuster Shanghai Masters final
- With medical report Harris seeks to play health card against Trump
- Sri Lanka seeks to match success in W.Indies T20s
- Sinner reaches Shanghai final, will end year number one
- China-EU EV tariff talks in Brussels end with 'major differences': Beijing
- Sabalenka downs Gauff in three sets to reach Wuhan final
- Israel warns south Lebanon residents to 'not return'
- Sinner tames Machac to reach Shanghai Masters final
- Buried Nazi past haunts Athens on liberation anniversary
- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- Hezbollah fires at Israel as wars rage on Yom Kippur
- Analysts warn more detail needed on new China economic measures
- China tees up fresh spending to boost ailing economy
- China says will issue special bonds to boost ailing economy
- China offers $325 bn in fiscal stimulus for ailing economy
- Dodgers drop Padres 2-0 to advance in MLB playoffs
- Alexei Navalny wrote he knew he would die in prison in new memoir
- Last-minute legal ruling allows betting on US election
- Despite hurricanes, Floridians refuse to leave 'paradise'
General Motors eyes strong 2024 as earnings top estimates
General Motors reported higher quarterly profits Tuesday thanks to continued robust vehicle pricing amid strong North American demand, offsetting the hit from a labor strike.
The big US automaker, which has lately relied on its home market during a period of lower sales in China, reported fourth-quarter profits that topped analyst expectations, despite the drag of the roughly six-week strike that was resolved during the period.
Profits for the quarter ending December 31 came in at $2.1 billion, up five percent from the year-ago period. Revenues dipped less than one percent to $43 billion.
GM's results were dented somewhat by a $1.1 billion hit due to the United Auto Workers strike, Chief Financial Officer Paul Jacobson said in a media conference call.
The strike resulted in lost sales for about 95,000 vehicles, the company said in a powerpoint presentation.
A deal between the UAW and fellow Detroit giants Ford and Stellantis boosted wages for hourly workers by 25 percent.
Chief Executive Mary Barra said GM is "well positioned for a year of strong financial performance" in 2024, according to a letter to shareholders.
The company's 2024 earnings-per-share projected range exceeded analyst forecasts by a wide margin.
"Consensus is growing that the US economy, the job market and auto sales will continue to be resilient," Barra said.
The company relied heavily on its North American division, where sales of full-size pickup trucks and sport utility vehicles remained lofty.
GM has also pointed to strength in somewhat smaller "crossover" vehicles as well as in the subcompact SUV market, where the moderately priced Chevrolet Trax has seen growth.
The company expects 2024 capital spending of $10.5-$11.5 billion, which is somewhat lower than earlier estimates as it slows some electric vehicle projects and pivots its Cruise autonomous vehicle venture to address safety concerns.
On EVs, Barra noted that GM would boost production of autos such as the Cadillac Lyriq and would introduce new models to showrooms in 2024, including the Chevrolet Equinox EV.
"It's true the pace of EV growth has slowed, which has created some uncertainty," Barra acknowledged, while adding that 2024 growth is still expected.
At Cruise, GM is "committed to earning back the trust of regulators and the public through our commitments and our actions" after an October incident in which a self-driving car operated by Cruise ran over a woman who had first been knocked in front of it by a hit-and-run driver in San Francisco.
Dan Ives, analyst at Wedbush Securities, called the results "solid," in a note.
"This was an important quarter to help regain Street confidence that has been shaken the last few quarters with the EV vision in flux and the Cruise black eye over the past few months," Ives said.
Shares jumped 7.2 percent in pre-market trading.
Th.Berger--AMWN