Plus   Neg

General Motors Q1 Profit Falls, But Results Beat View - Quick Facts

Automaker General Motors Co. (GM) on Wednesday reported first-quarter net income attributable to shareholders of $294 million or $0.17 per share, down sharply from $2.16 billion or $1.48 per share in the year-ago period, as results were impacted by the coronavirus pandemic.

Adjusted earnings for the quarter were $0.62 per share, compared to $1.41 per share in the year-ago period. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter was $32.7 billion, down 6.2 percent from $34.88 billion in the previous-year quarter. Analysts expected revenue of $31.12 billion for the quarter.

GM noted that the COVID-19 impact on EBIT-adjusted was negative $1.4 billion. GM sales in the U.S. declined about 7 percent, driven by the effects of the coronavirus pandemic.

GM said that based on conversations and collaboration with unions and government officials, it plans to restart the majority of its manufacturing operations on May 18 in the U.S. and Canada under extensive safety measures.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Sundial Herbal Products has recalled around 65 products, which were misbranded and currently unapproved drugs, the U.S. Food and Drug Administration said in a statement. The recall follows an order by a federal judge in June to stop distributing the company's unapproved new drugs. The affected items include herbal products and dietary supplements. Amid the worsening coronavirus pandemic and mounting costs, banking major Wells Fargo & Co. is preparing to cut thousands of jobs starting later this year, Bloomberg Law reported. Citing people with knowledge of the confidential talks, the report noted that executives are drafting plans that may ultimately eliminate tens of thousands of positions from its about 263,000 workforce. KIND Healthy Snacks is recalling a limited number of Oats & Honey Granola pouches citing the presence of undeclared sesame seeds, the U.S. Food and Drug Administration announced. The recall involves KIND Oats & Honey Granola with Toasted Coconut. Sesame seeds, a known allergen, is not listed as an ingredient in the product, instead, the label lists "sesame seeds" under the "May Contain
Follow RTT