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GM puts up booming third quarter, pulling in $4B in profit

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Posted at 12:27 PM, Nov 05, 2020
and last updated 2020-11-05 12:27:53-05

DETROIT (AP) — General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months after losing money due to the virus outbreak.

GM’s adjusted earnings were $2.83 per share, easily outpacing Wall Street’s per-share projections of $1.72, according to a survey by FactSet.

Revenue of $35.5 billion also edged out most expectations.

Shares jumped almost 5% before the opening bell Thursday.

The profit reversed an $806 million loss posted by GM in the second quarter as the company restarted factories that were shuttered by the novel coronavirus.

View GM's third-quarter 2020 results below:

  • EPS-diluted of $2.78, and EPS-diluted-adjusted of $2.83
    • EPS-diluted-adjusted includes a $0.05 gain from Groupe PSA revaluations
  • Income of $4.0 billion, and EBIT-adjusted of $5.3 billion
  • EBIT-adjusted margin of 14.9 percent
  • Revenue of $35.5 billion
  • Automotive liquidity of $37.8 billion
  • Automotive operating cash flow of $9.9 billion, and adjusted automotive free cash flow of $9.1 billion
  • GM North America EBIT-adjusted of $4.4 billion
  • GM Financial EBT-adjusted of $1.2 billion