) rose after it again exceeded Wall Street’s expectations this year, as its third-quarter results benefited from a steady demand for its gasoline-engine truck and SUV, as well as lean inventories.
The company on Tuesday said it was on track to deliver between US$14-billion and US$15-billion in pretax profit. A weak spot in otherwise strong earnings was China, where it posted a loss of US$210-million in the first half. GM lost another US$137-million in the region in the third quarter and is planning to restructure its operations there.
Shares jumped as 3M announced it was reviewing its portfolio and had initiated a sale process for “a few small businesses.” 3M said on Tuesday two of its three main businesses had recorded organic sales increases, while its consumer business suffered from weak demand in areas such as packaging and home and auto care.
The upbeat forecast comes as analysts expect the broader industrial sector to benefit after the U.S. Federal Reserve cut borrowing costs in September. The company’s copper production in the quarter fell to 1.05 billion recoverable pounds from 1.09 billion recoverable pounds. On an adjusted basis, the company earned 38 US cents per share in the third quarter, compared with the average analyst estimate of 35 US cents per share, according to data compiled by LSEG.) were up after the German software company raised its full-year targets on a strong cloud business in the third quarter.
The company expects the cost of its restructuring to come at around 3 billion euros as it evaluates up to 10,000 jobs out of its 100,000 total headcount to prepare for the era of AI. U.S. ZYN shipments in the quarter grew 41.4 per cent over the prior-year period, as supply-chain constraints started to ease.
It reported revenue of US$9.91-billion for the third quarter, versus analysts’ estimate of US$9.69-billion, according to data compiled by LSEG.) declined as Sky News reported Barclays has re-entered negotiations about a deal to sell a stake in its British merchant payments business to the Canadian asset manager.
In a research note, RBC Dominion Securities analyst Walter Spracklin said: “Overall, our early take on results is negative, with EPS coming in well below. Variance to our estimates was in LTL and TL, with management flagging an uncertain macro backdrop and weak conditions in US LTL. More specifically, US LTL O/R came in at 92.
Growing adoption of the company’s myPlan, a customizable offering with streaming perks including Disney+, Hulu and Max for an extra cost, has helped Verizon stay resilient in the competitive U.S. telecom market.
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