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General Motors Q2 Adj. Loss Narrower Than Estimates; But Revenues Miss

Automaker General Motors Co. (GM) on Wednesday reported second-quarter net loss attributable to shareholders of $758 million or $0.56 per share, compared to net income of $2.42 billion or $1.66 per share in the year-ago period, as results were impacted by the coronavirus pandemic.

Adjusted loss for the quarter was $0.50 per share, compared to adjusted earnings of $1.64 per share in the year-ago period. On average, analysts polled by Thomson Reuters expected the company to report loss of $1.77 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter was $16.78 billion, down 53 percent from $36.06 billion in the previous-year quarter. The Street expected revenue of $17.31 billion for the quarter.

GM North America recorded near EBIT-adjusted breakeven despite eight weeks of lost production. The company's second-quarter U.S. sales declined about 34 percent compared to a year ago.

GM ended the second quarter with $30.6 billion in automotive liquidity.

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