By Jeff Bennett

General Motors Co. is scheduled to release its third-quarter financial results before the market opens Thursday. Here's what you need to know:

EARNINGS FORECAST: Net income of 97 cents a share is the consensus of analysts surveyed by Thomson Reuters, compared with 96 cents reported for third quarter of 2013. GM has said most extraordinary recall and quality-related expenses have been accounted for, but the company hasn't given guidance on the impact that severe volume downturns in two emerging markets--Russia and South America--will have on the bottom line.

REVENUE FORECAST: Revenue of $39.1 billion is forecast, compared with $39.0 billion reported the same period a year earlier.

WHAT TO WATCH:

--NORTH AMERICA MARGINS: Strong pickup trucks sales combined with higher transaction prices on most vehicles and lower discounts are expected to push North America's earnings before operating profit margins to more than 10% as the auto maker aims to close the profit gap with rival Ford Motor Co. A major miss here could spell trouble for the company since industry analysts say GM is now entering an opportune time to wring more profit from the U.S. market based on its improved portfolio and reduced competition from Ford as its revamps its F-150 pickup truck.

--EUROPE: GM Chief Executive Mary Barra earlier in October said the auto maker will report a profit in Europe by 2016. However, the company has immediate challenges in Russia, where a softer economy and political crisis have created headaches for several global auto makers, including GM.

--GM INTERNATIONAL: Any signs of a sequential reduction of expenses and red ink in the international operations could be a boost for the auto maker. The company has wrestled with languishing problems in Australia and South Korea. The company is looking to streamline its approach to India and it has been a slow mover in the Asean light-vehicle market. GM International doesn't include South America, Europe, Russia or China.

--RECALLS: Any additional details on costs could provide more insight into the final tab the company faces for ignition switch problems and other quality and safety issues. The auto maker has now recalled more than 30 million vehicles in 2014 and is beginning to settle claims from those injured or killed by its faulty ignition switch. A total of 29 death claims have been confirmed. Potential claimants have until the end of the year to file.

--OUTLOOK: U.S. auto sales are tracking near decade-high demand levels, Western Europe has reported 13 months of sales gains and China remains in growth mode. GM's outlook for the fourth quarter and 2015 will set the tone for the auto supply base, retail network and other auto makers during the earnings season.

Write to Jeff Bennett at jeff.bennett@wsj.com

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