GM Reports Loss

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

The New York Sun

General Motors Corp. on Wednesday reported a significant improvement in its third-quarter financial performance, amid continued signs that the auto maker’s North American business is recovering.

The world’s No. 1 auto maker in terms of production posted a loss of $115 million, or 20 cents a share, in the third quarter, compared with a loss of $1.66 billion, or $2.94 a share, in the year-earlier period. GM posted revenue of $48.82 billion, up from $47.18 billion a year ago, as its core automotive operations boosted revenue by more than $1 billion to $39.5 billion.

On an adjusted basis, excluding special items, the bottom line came in at $529 million, or 93 cents a share, nearly double the consensus estimate on Wall Street.

The numbers, which Chief Executive Richard Wagoner said indicate GM is headed in the right direction, give the company another boost in its effort to return to sustainable profitability. But the quality of earnings, long a concern among investors who see the auto sector as limited in its profit-making potential, remained a topic of concern.


The New York Sun

© 2024 The New York Sun Company, LLC. All rights reserved.

Use of this site constitutes acceptance of our Terms of Use and Privacy Policy. The material on this site is protected by copyright law and may not be reproduced, distributed, transmitted, cached or otherwise used.

The New York Sun

Sign in or  Create a free account

or
By continuing you agree to our Privacy Policy and Terms of Use