DETROIT, Oct. 29, 2019 /PRNewswire/ -- General Motors
Co. (NYSE: GM) today reported solid third-quarter earnings, driven
by the performance of North
America and significant progress on transformational cost
initiatives, partially offset by the impact of the work stoppage in
the U.S.
Third-quarter 2019 results:
- EPS-diluted of $1.60 and
EPS-diluted-adjusted of $1.72,
reduced by $(0.52) from UAW strike
impact, and $(0.15) from Lyft and PSA
revaluations.
- Income of $2.3 billion, and
revenue of $35.5 billion.
- GM North America EBIT-adjusted of $3.0
billion.
-
- Net strike impact to GMNA EBIT-adj. was $(1.0) billion, including $0.3 billion of favorable timing items.
- North America EBIT-adj. margin of 10.8 percent driven by
full-size trucks and record crossover sales.
- GM Financial EBT-adjusted of $0.7
billion.
Click here to download the full press release to see
reconciliations of non-GAAP and GAAP measures, or visit the GM
Investor Relations website.
Investor analyst conference call
GM Chairman and CEO
Mary Barra and Chief Financial
Officer Dhivya Suryadevara will host a conference call for investor
analysts at 10 a.m. ET today to
discuss third-quarter results. Introductory remarks will be
followed by a question-and-answer session for analysts.
Journalists who wish to listen to the call may dial in using the
following numbers:
United States:
1-888-808-8618
International:
+1-949-484-0645
Name of Call: GM Earnings
Call
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General Motors, its subsidiaries and its joint venture entities
sell vehicles under the Cadillac, Chevrolet,
Baojun, Buick, GMC, Holden, Jiefang and Wuling brands.
More information on the company and its subsidiaries,
including OnStar, a global leader in vehicle safety and
security services, Maven, its personal mobility brand, and
Cruise, its autonomous vehicle company, can be found
at http://www.gm.com.
Cautionary Note on Forward-Looking Statements: This press
release may include "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. We caution
readers not to place undue reliance on forward-looking statements.
Statements including words such as "anticipate," "appears,"
"approximately," "believe," "continue," "could," "designed,"
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"initiative," "intend," "may," "objective," "outlook," "plan,"
"potential," "priorities," "project," "pursue," "seek," "should,"
"target," "when," "will," "would," or the negative of any of those
words or similar expressions to identify forward-looking statements
represent our current judgment about possible future events. In
making these statements we rely upon assumptions and analysis based
on our experience and perception of historical trends, current
conditions and expected future developments, as well as other
factors we consider appropriate under the circumstances. These
statements are not guarantees of future performance; they involve
risks and uncertainties and actual events or results may differ
materially from these statements. Factors that might cause such
differences include, but are not limited to, a variety of economic,
competitive and regulatory factors, many of which are beyond our
control and are described in our Annual Report on Form 10-K for the
year ended December 31, 2018, as well
as additional factors we may describe from time to time in other
filings with the U.S. Securities and Exchange Commission. We
undertake no obligation to update publicly or otherwise revise any
forward-looking statements, whether as a result of new information,
future events or other factors that affect the subject of these
statements, except where we are expressly required to do so by
law.
Basis of Presentation: The financial and operational
information included in this press release relate to our continuing
operations and not our discontinued operations, which consist of
the Opel and Vauxhall businesses and certain other assets in
Europe and the European financing
subsidiaries and branches that were sold in 2017.
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SOURCE General Motors Co.