GM Says U.S. Auto Demand Returning
November 05 2020 - 8:59AM
Dow Jones News
By Matt Grossman
General Motors Co. saw U.S. auto sales improve sequentially each
month in the July-to-September period, a sign of returning American
demand, the company said Thursday.
Revenue was $35.48 billion, compared with $35.47 billion in last
year's third quarter. Analysts were expecting revenue of $35.43
billion.
Shares rose 5.85% in premarket trading.
GM had a relatively low bar to clear in comparison with the
year-ago period given that a 40-day strike temporarily stopped
production at its U.S. factories beginning in September 2019. Even
so, the company's results represented a rebound from its
performance earlier in the year, which was slowed by the
coronavirus pandemic. Global deliveries rebounded to 1.8 million,
from 1.5 million in the second quarter, GM said. Its full-size
sport-utility vehicles and large pickup trucks gained U.S. retail
market share.
The company's profit in the latest quarter was $2.78 a share, up
from $1.60 a share in the equivalent stretch last year. Adjusting
for special items, GM's profit was $2.83 a share, well ahead of the
$1.38 a share that analysts polled by FactSet had forecast.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
November 05, 2020 08:44 ET (13:44 GMT)
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