General Motors Notches Larger 3Q Profit, Cites Returning U.S. Demand
By Matt Grossman
General Motors Co. logged a larger third-quarter profit, with
the company citing strong pickup-truck and sport-utility-vehicle
sales as part of a resurgence in U.S. vehicle demand.
The Detroit-based car maker posted net income of $4.05 billion,
or $2.78 a share, compared with a profit of $2.35 billion, or $1.60
a share, in the same three-month period a year earlier. In 2020 and
2019, the net-income figures included $40 million and $38 million,
respectively, that went to dividends on subsidiary preferred
On an adjusted basis, GM's profit was $2.83 a share. Analysts
surveyed by FactSet had expected an adjusted profit of $1.38 a
Revenue was $35.48 billion, nearly flat from the level of $35.47
billion in last year's third quarter. Analysts had forecast revenue
of $35.43 billion.
U.S. sales improved sequentially each month in the period, GM
said. Sales of pickup trucks were strong despite tight inventory,
and the company's full-size SUVs gained in U.S. market share, GM
Total world-wide vehicle sales were 1.8 million, down slightly
from 1.9 million in last year's third quarter. Volumes rose in the
Asia-Pacific, Middle East and Africa regions while declining year
over year in the U.S. and in North America as a whole.
Write to Matt Grossman at email@example.com
(END) Dow Jones Newswires
November 05, 2020 08:10 ET (13:10 GMT)
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