DETROIT Jan 15 General Motors Co said on
Tuesday that it expects its operating profit to rise "modestly"
this year with improved results anticipated in each region
because of new vehicles and greater demand in the United States
"Our portfolio of new, world-class vehicles puts us on a
strong footing to grow profitably," GM Chief Financial officer
Dan Ammann said in a statement.
Analysts, on average, expect GM's 2013 profit to be $3.89 a
share, up from an estimated $3.27 a share for 2012, according to
Thomson Reuters I/B/E/S.
GM reiterated that its U.S. product lineup would be 70
percent refreshed over 2012 and 2013.
In China in 2011, GM and its joint venture partners,
including SAIC Motor, began rolling out more than 60
new or upgraded models that will be introduced to that market
GM reaffirmed that it expects the European auto market to
contract further this year. Chief Executive Dan Akerson said
last week that GM expects Europe to weaken further in 2013 and
Germany, maybe slipping into recession.
Ammann said GM's "fortress balance sheet" would allow the
Detroit company to invest in vehicle development so it can
sustain its profits.