continued to defy Wall Street’s expectations this year, posting third-quarter results ahead of analyst projections on the back of steady gasoline-engine truck and SUV sales and a focus on keeping inventories lean.
GM started the year expecting to make $12-billion to $14-billion in pretax profit and raised the forecast in midyear to $13-billion to $15-billion, buoyed by strong pricing and consumer spending.GM’s adjusted earnings per share were $2.96 for the quarter, outpacing analysts’ forecast of $2.43 per share. Revenue for the three-month period was $48.8-billion, beating Wall Street’s expectation of $44.6-billion.
A weak spot in otherwise strong earnings was China, where operations regressed from a powerhouse to a loss of $210-million in the first half of this year. GM lost another $137-million in the region during the third quarter, and it is planning a restructuring of operations there. While Chinese automakers have not yet penetrated the U.S., large automakers like GM see a threat from low-cost and high-tech vehicles, executives have said.
The company’s EV sales have increased every quarter of this year as it increases production of models including the Silverado EV truck and Equinox electric SUV. Still, EVs accounted for only about 4 per cent of the company’s total U.S. deliveries through the third quarter.
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