A General Motors Co. (GM) The Chevrolet 2020 Silverado HD Pickup from the High Country Edition sits on the conveyor belt during a revealing event at the GM plant in Flint, Michigan, USA, Tuesday, February 5, 2019.  Jeff Kowalsky | Bloomberg | Getty Images
General Motors beat analysts' estimates for the second quarter Thursday despite a massive fall in revenue in China.
This is what GM reported against average analyst estimates compiled by Refinitive:
- Adjusted EPS: $ 1
- Revenue: $ 36.1 billion versus $ 35.98 billion, estimated
Click here for GM's full earnings.
GM reported net income for the second quarter of $ 2.41 billion or $ 1.66 per share, compared to $ 2.39 billion or $ 1.66 per share the previous year. Excluding one-off items, GM reported earnings of $ 1.64 per share.
Revenue from China fell 60.3% over the same quarter last year, while the Detroit automaker reported revenue of $ 235 million from 2018's record revenue of $ 592 million.
China also reported sales down 12%. In North America, the company had a profit of $ 3 billion, up from $ 2.7 billion from the same quarter last year.
Despite the earnings rate, the company confirms its full annual guidance on diluted earnings per share of $ 5.14.
In April, GM said vehicle sales dropped 7% from a year ago, but said buyers chose the company's company more expensive sports vehicles and pickups. GM plans to launch more full-size pickups in the second half of 2019, with two new heavy duty pickups from Chevrolet and GMC.
GM has recently cut more than 14,000 jobs at factories in the United States and Canada after idle factories producing slow-selling vehicles. The company also shifts its focus to self-driving and electrified vehicles such as the Chevy Bolt EV.
GM shares have risen more than 7% over the past 12 months and have increased by more than 21% since the beginning of the year.