World News – United States – General Motors Releases Q3 Profit Forecast on Pickup and SUV Demand

General Motors Co (GM) – Get Report on Thursday released much stronger than expected third quarter results thanks to improving domestic demand for pickup trucks and SUVs

General Motors said adjusted diluted profit for the three months ending September was 283 per share, up 645% from the same period last year and significantly ahead of the consensus forecast Street share of $ 1.38 per share Group revenues, General Motors said, were essentially flat from last year at $ 35.5 billion and analysts’ forecasts match

« This year, and the third quarter, is a testament to GM’s resilience We entered the pandemic from a position of strength and acted decisively to ensure the safety of our teams, conserve our liquidity and preserve our liquidity, while keeping our critical product programs on track, ”said Mary Barra, CEO « We are now well positioned to meet growing customer demand, accelerate our transformation and deliver on our vision of an accident-free, emissions-free and congestion-free world »

General Motors shares were marked 63% higher in pre-market trading Thursday immediately after the results were released to indicate an open bell price of $ 37.45 each, extending their six-month gain to about 748%

« In the third quarter, GM’s large pickup trucks gained 17 percentage points of the retail market share, leading the segment with 37Part of 5 percent (Jré Power), » the company said. GM’s new full-size SUVs are in high demand; the Chevrolet Tahoe and Suburban, as well as the GMC Yukon and Yukon XL have gained three percentage points in retail segment share since launching in the second quarter. « 

Sales in China, GM said, increased 12% from last year as the world’s largest auto market emerged from coronavirus lockdowns Global sales, according to GM, slipped 4% to 1793 million units

At the end of last month, US rival Ford Motor Co (F) – Get Report posted a strong increase in third quarter results, thanks to a 10% increase in revenue, in part thanks to north profit margins. strongest Americans in four years

Ford also said it expects solid gains in the final months of the year, forecasting 2020 adjusted profit to break even to a loss of $ 500 million, in partly thanks to continued domestic demand for its higher margin vans and SUVs

General Motors, Revenue, Automotive Industry