General Motors Boosts FY21 Outlook As Q3 Results Top Estimates - Quick Facts

Automaker General Motors Co. (GM) on Wednesday reported third-quarter net income attributable to shareholders of $2.42 billion or $1.62 per share, lower than $4.05 billion or $2.78 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $1.52 per share, compared to $2.83 per share in the year-ago quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.96 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter decreased to $26.78 billion from $35.48 billion in the same quarter last year. Analysts expected revenue of $26.51 billion for the quarter.

The company's results were driven by strong price and mix performance in North America, the benefit of its recall cost recovery agreement with LG Electronics and the continued strong financial results at GM Financial.

Looking ahead, the company said it is on track to deliver full-year 2021 EBIT-adjusted earnings approaching the high end of its guidance range.

For fiscal 2021, the company now projects earnings in a range of $5.52 and $6.52 per share and adjusted earnings in a range of $5.70 to $6.70 per share, up from the prior forecast range of $5.40 to $6.40 per share. The Street is looking for earnings of $6.25 per share for the quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Oilfield services company Schlumberger Ltd. reported Friday a profit for the fourth quarter that surged 61 percent from last year, reflecting 13 percent higher revenues amid growth across all segments and regions. Both adjusted earnings per share and quarterly revenues topped analysts' estimates. Twitter Inc. has launched a new feature to allow some users of its Blue subscriber service to keep non-fungible tokens or NFTs as their profile pictures. Twitter Blue is now available in the US, Canada, Australia, and New Zealand. NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. Frozen Food Development is recalling specific lots of Lidl branded 12-ounce packages of Frozen Chopped Spinach citing the potential to be contaminated with Listeria monocytogenes, the U.S. Food and Drug Administration said. The product comes in 12-ounce poly bags, and items included in the recall are marked with lot # R17742 or R17963 on the back of the poly bag with a best by date of 09/10/23.
Follow RTT