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Driven by U.S. Demand, GM Nets $1.4 billion in Q3

Earnings before taxes hit record. But numbers could cause problems.

by on Oct.21, 2015

GM's Detroit headquarters, the Renaissance Center.

Surging demand in its home market helped General Motors deliver a strong third-quarter profit, offsetting the impact of weakening sales in China.

The largest of the Detroit automakers said Wednesday morning that it earned $1.4 billion in net income, or $0.84 a share. That compared with $1.4 billion, or $0.81 a share a year ago. On an EBIT, or earnings before interest and tax, basis GM had an adjusted profit of $3.1 billion, and an adjusted profit margin of 8.0% percent.

Breaking News!

The strong numbers could generate new interest on Wall Street, at least GM officials are hoping. The maker’s stock has languished in recent months, around the same price set during its November 2010 IPO. But there could be a downside. The strong third quarter could motivate bargainers for the United Auto Workers Union who are trying to hammer out a new four-year contract with GM.

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GM Earnings Beat Expectations

Recall crisis shows little impact.

by on Oct.23, 2014

GM CEO Mary Barra is offering a positive assessment of the maker's third-quarter earnings.

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.

Keeping Them Accountable!

“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.”

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GM Posts $2.0 Bil For Third Quarter

Third consecutive black quarter for long-troubled maker.

by on Nov.10, 2010

GM "demonstrated...significant progress," said CFO Chris Liddell.

Landing right in the middle of its forecasted range, General Motors is reporting a third-quarter profit of $2.0 billion, and the maker is predicting a full-year profit, as well, although the pace is slowing down.  It would be the first full year in the black since 2004.

The third-quarter net, which works out to $1.20 a share after a three-for-one split, marks the third consecutive quarter in the row GM has run in the black, a significant turnaround from its situation prior to last year’s bankruptcy – all the more so considering current U.S. car sales remain at deep recessionary levels.

“As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress,” said Chris Liddell, vice chairman and chief financial officer, in a prepared release.

Last week, when announcing details of its long-awaited IPO, GM had indicated it would post a roughly $2 billion profit for the quarter, with an upside of $2.1 billion, so there are few surprises in this morning’s announcement.  Nonetheless, confirmation of the forecast will help GM officials, including Liddell and his boss, CEO Dan Akerson, as they head out to win over potential investors who will be asked to support the anticipated $13 billion General Motors IPO.

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The maker has indicated it will seek between $26 and $29 per share during the initial public offering.  A specific date has yet to be announced, but industry insiders believe the stock sale will occur on November 18th.

As part of its bankruptcy-led restructuring, GM aimed to be able to break even at an annual North American sales rate of around 10.5 million.  While the industry has yet to post a significant recovery, the third quarter saw a modest upturn into the low 11-million range.  That generated revenues of $34.1 billion GM reported.

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