General Motors Co. (NYSE: GM) published its earnings report for the fiscal third quarter on Thursday that topped analysts’ estimates for profit and sales. The company said that sales recovered faster than expected in Q3 in both its major markets, the U.S. and China, after months of halt due to the Coronavirus pandemic.
Shares of the company jumped close to 4% in premarket trading on Thursday but lost more than half of the intraday gain on market open. Including the price action, General Motors is now exchanging hands at £27.36 per share that represents an about 120% growth since its year to date low of £12.81 per share in March. Interested in investing in the stock market online? Here’s a simple guide to get you started.
General Motors’ Q3 financial results versus analysts’ estimates
General Motors said that its net income in the third quarter printed at £3.09 billion that translates to £2.12 per share. In the same quarter last year, the automaker’s net income was capped at a much lower £1.79 billion or £1.22 per share.
Adjusted for one-time items, the American multinational corporation earned £2.16 per share. According to FactSet, experts had forecast a much lower £1.05 of per-share earnings for General Motors in the recent quarter. In separate news from the U.S., Bristol Myers Squibb also published its quarterly financial results on Thursday.
In terms of revenue, the Detroit-based company posted an increase to £27.05 billion versus the year-ago figure of a marginally lower £27.04 billion. FactSet Consensus for General Motor’s revenue in Q3 stood at a slightly lower £27.02 billion.
CFO John Stapleton’s comments on Thursday
The car manufacturer said sales in the United States posted an
