Battered by recalls and facing challenges in markets as diverse as China, Russia and South America, General Motors nonetheless managed to beat expectations with its third-quarter earnings report, though revenues fell short.
The maker delivered net income of $1.4 billion, or 81 cents a share after factoring in one-time special items that had a $300 million, or 16-cent per share, impact on the bottom line. Factoring in those one-time costs, GM would have earned 97 cents a share, up slightly from 96 cents a year earlier – and two cents above the consensus estimate of industry analysts, according to Thomson Reuters.
“Strong global sales and growing margins in North America and China helped GM deliver very solid third quarter results,” GM CEO Mary Barra said in a prepared statement accompanying the July to September earnings results. “Despite industry challenges in Russia and South America, our earnings were on plan as we continue to execute our customer-focused strategy.”