GM Releases Preliminary Q3 Results, Estimates $2b Net Income
With its IPO hitting markets, GM has released limited preliminary results that show the firm earned $1.9b to $2.1b in the third quarter of this year. That performance outstripped Ford’s $1.73b Q3 profit, and GM’s $36b in revenue also beat Ford’s $29b figure for the same quarter. GM also announced that it expects to generate positive EBIT in the fourth quarter, although it warned that its Q4 results would not be as strong as the previous three quarters in which GM claims to have earned $4b to $4.2b in net income attributable to shareholders. The projection of weaker Q4 results proves that political considerations weren’t the only factor pushing for an immediate post-election IPO. One note of warning, however: GM has not released complete data on its results, meaning we haven’t seen the impact of GM’s recent debt-cutting moves on cashflow. On the other hand, with a $5b revolving line of credit secured and profits rolling in, GM isn’t likely to be facing liquidity problems in the immediate short term. We’ll wait for full results before we pass final judgment, however.
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How come "Chevy Runs Deep" beat "GM: Now We're Cookin'" for the new slogan?
Those workers don't appear to have missed too many meals.
The Tier Two workers must be ecstatic. Still, good to see yet another Detroit automaker in the black.
Did they break out results by region? I wonder how much of the profit was from China and whether or not they show all Chinese profit as theirs or if it is broken out by GM's share and SAIC's share. If I remember right at one time they got caught showing Chinese profits as all theirs despite having to share with SAIC.