General Motors zooms past coronavirus slowdown

FAN Editor

General Motors Co. returned to profitability in the three months through September as business rebounded from a COVID-19-induced slowdown.

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The Detroit-based automaker earned $4 billion, or an adjusted $2.83 per share, in the third quarter as revenue held steady at $35.5 billion. Wall Street analysts surveyed by Refinitiv were expecting adjusted earnings of $1.38 per share on revenue of $35.5 billion.

GM posted a $758 million loss during the prior quarter as factories and dealerships were forced to close amid stay-at-home orders aimed at slowing the spread of the virus.

Ticker Security Last Change Change %
GM GENERAL MOTORS COMPANY 35.24 -0.11 -0.31%

“We entered the pandemic in a strong position and acted decisively to keep our teams safe, conserve cash and preserve liquidity, all while keeping our critical product programs on track,” CEO Mary Barra said in a statement. “Now we are well positioned to meet rising customer demand, accelerate our transformation and deliver our vision of a world with zero crashes, zero emissions and zero congestion.”


This story is developing. Check back for updates.

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