General Motors Co. (GM) shares rose on Tuesday, Feb. 6, after reporting top- and bottom-line beats for the fiscal fourth quarter, driven by sales of crossovers along with strong pricing and cost control.
Earnings, adjusted for one-time items, of $1.65 per share beat expectations of $1.39 per share. Revenue of $37.7 billion also topped forecasts calling for $36.9 billion, according to FactSet Research Systems Inc.
"The actions we took to further strengthen our core business and advance our vision for personal mobility made 2017 a transformative year," GM Chief Executive Mary Barra said in a statement. "We will continue executing our plan and reshaping our company to position it for long-term success."
Shares of General Motors rose 2.3% to $40.45 at 9:30 a.m. EST on Tuesday.
The Detroit-based automaker posted a net loss of $4.9 billion for the fourth quarter, or $3.46 on a per share basis. GM said the loss includes a $7.3 billion non-cash charge related to the re-measurement of deferred tax assets due to the overhaul of the U.S. tax system. Excluding one-time items, the company reported income of $3.1 billion.
For the full-year, the automaker with a market capitalization of $56 billion reported adjusted earnings of $6.62 a share on revenue of $145.6 billion.
In 2018, GM expects to benefit from the ongoing launches of its newest crossovers, the Chevrolet Traverse, Buick Enclave and GMC Terrain. The company will introduce the all-new Cadillac XT4 crossover this year.
The U.S. automaker and its partners will also launch 15 models in China this year, under the Cadillac, Buick, Chevrolet, Baojun and Wuling brands.
"We plan to build on this momentum in 2018 and beyond as we focus on growth opportunities across many parts of our business," said Chuck Stevens, GM's executive vice president and chief financial officer.