General Motors (GM) shares rose in pre-market trading on Tuesday after the automaker beat fourth-quarter results forecasts.
The positive quarterly results were driven by buoyant sales of SUVs backed by strong pricing and cost controls, with good performance in the US and China.
Both earnings and revenue beat expectations over the quarter, despite GM booking a massive one-off charge of $7.3bn related to US tax reforms.
GM shares were up by 1.2% in pre-market trading as at 1300 GMT.
Adjusted earnings per share came in at $1.65 versus analysts´ forecasts of $1.38 while revenue jumped to $37.7bn compared with market expectations of $36.55bn.
However, the one-off tax charge meant GM actually reported an overall loss for the period of $4.9bn.
“Improvements in all operating segments and an intense focus on cost reductions generated a record quarter and another record year. 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, executive vice president.
The year 2017 was a decisive one for GM as it sought to focus the group on more profitable segments.
GM sold its European auto division Opel/Vauxhall and the GM Financial European operations. It also exited South and East Africa and India.
For 2018, GM said it would look to consolidate product momentum with the launch of full-size trucks the Chevrolet Silverado and GMC Sierra.