Analyst: GM pickups to hit market at good time

Published on NewsOK Modified: February 19, 2013 at 10:33 am •  Published: February 19, 2013
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Analysts say businesses have waited a long time to replace aging trucks and now are feeling comfortable enough to make the purchases. Plus, the average age of a pickup on U.S. roads is just over 11 years, according to the Polk research firm.

Michaeli wrote that checks with auto dealers suggest that pickup sales will show a big jump again in February, perhaps in the area of 20 percent over the same month in 2012.

General Motors Co. on Thursday posted a profit of $4.9 billion for 2012, down 36 percent from a year earlier, when it made $7.6 billion. Its net income fell because of European losses and a truckload of one-time accounting adjustments in both years. Last year's pretax profit, which excludes the one-time items, still dropped, but only by 5 percent to $7.9 billion. Revenue for the year rose 1 percent to $152.3 billion.

GM shares fell to less than $19 last summer on worries in Europe. But the company has rebounded of late, partly because GM bought 200 million of its shares back from the U.S. government for $5.5 billion in December. GM stock slipped 18 cents, less than 1 percent, to $27.58 in midday trading Tuesday.