General Motors beats quarterly profit estimates on strong demand for pickups

GM swung back into the black as its plants resumed production following a six-week springtime shutdown due to the coronavirus.
By : Bloomberg
| Updated on: 05 Nov 2020, 18:39 PM
General Motors' 2020 Chevrolet Silverado 1500 (AP)
General Motors' 2020 Chevrolet Silverado 1500 (AP)
General Motors' 2020 Chevrolet Silverado 1500 (AP)
General Motors' 2020 Chevrolet Silverado 1500

General Motors Co. reported a better-than-expected profit in the third quarter as strong demand for trucks powered its recovery from a slump in sales earlier this year.

The Detroit automaker said Thursday adjusted earnings per share came to $2.83 in the quarter, beating an analyst consensus estimate for $1.45 a share. That was up from $1.72 a year ago and better than the second quarter, when GM posted its first loss in more than a decade.

Shares of the company rose as much as 7.3% in premarket trading after closing Wednesday at $35.24.

GM swung back into the black as its plants resumed production following a six-week springtime shutdown due to the coronavirus and as more pandemic-weary buyers snapped up vehicles such as its lucrative Chevrolet Silverado and GMC Sierra pickups.

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“This year, and the third quarter, is a testament to GM’s resilience," Chief Executive Officer Mary Barra said in a statement.

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The results put the carmaker on a path toward a goal for operating profit as high as $5 billion for the full year. That would mark a significant turnaround after the production and sales hit earlier this year prompted GM to withdraw annual guidance.

The company’s revenue was $35.5 billion, compared with analysts’ estimate for $35.8 billion.

First Published Date: 05 Nov 2020, 18:39 PM IST
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