General Motors reports profit growth of 74%

News

General Motors reports profit growth of 74%

10.11.2020 News

Shares of General Motors, down by 3.7% since the beginning of the year, rose by 3.9% in trading after the company announced the results of the 3rd quarter, which ended on September 30.

General Motors reported earnings per share increase of 65% to $ 2.83, which was higher than analysts expected $ 1.38. The amount of quarterly profit increased by 74% to $ 4.05 billion from $ 2.35 billion in the third quarter of 2019.

Total revenue for the third quarter was $ 35.48 billion. Below analytical estimates of $ 35.51 billion, but this is a strong increase after revenue fell 53% in the second quarter amid plant closures during the coronavirus pandemic.

General Motors interim CFO John Stapleton said the company’s high quarterly results were achieved thanks to a faster-than-expected resumption of sales in two key markets: the United States and China, along with ongoing cost control measures.

Overall, GM’s quarterly U.S. sales fell 10 percent in the third quarter, but results improved from month to month, and sales of the most profitable products remained high throughout the quarter. The company’s operating profit margin in North America was a solid 15%.

“GM benefits from sustained consumer demand for our new cars and services, especially our full-size pickups and SUVs,” the company said in a press release.

“During the third quarter, GM’s large pickups increased their retail market share by 1.7 percentage points, ranking first in the segment with a share of 37.5. GM’s all-new full-size SUVs are in high demand, with the Chevrolet Tahoe and Suburban, and the GMC Yukon and Yukon XL increasing their share of the retail segment by three percentage points since launching in the second quarter.

General Motors sales in China, where the COVID-19 pandemic peaked at the beginning of the year, increased by almost 12% compared to the third quarter of 2019. International sales fell 4% to 1.793 million units.

The automaker repaid $ 5.2 billion in revolving loans during the third quarter and another $ 3.9 billion in October. The company said it expects to repay the balance by the end of the year “while maintaining a strong cash balance.”

The liquidity (available funds) of GM’s automotive business exceeded the target and at the end of the third quarter amounted to $ 37.8 billion.

General Motors’ strong quarterly results were preceded by good news from its American rivals: Ford Motor and Fiat Chrysler, which also exceeded Wall Street’s expectations by reporting higher-than-expected sales of pickups and SUVs in North America.

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