General Motors rode sales of SUVs and pickup trucks in North America to a record profit in 2015, and the automaker reaffirmed its expectation to do better this year despite signs that vehicle sales are hitting a peak.
GM, the biggest U.S. automaker and No. 3 globally by sales, earned $2.8 billion in the fourth quarter before interest, taxes and one-time items, or $1.39 per share, excluding items. Wall Street expected $1.21 per share, according to analysts polled by Thomson Reuters I/B/E/S. Revenues were flat at $39.6 billion, it said on Wednesday.
GM affirmed an earlier forecast that it will increase earnings per share, excluding one-time items, to $5.25 to $5.75 this year, from $5.02 a share in 2015.
GM shares rose in premarket trading immediately following the announcement. (Get the market reaction here.)