Related News
GM drives to US$2b earnings in Q3
By Tom Krisher and Dee-ann Durbin |
November 11, 2010, Thursday
|
Print Edition
Print Edition
STRONG profits on new cars and trucks helped General Motors Co earn US$2 billion in the third quarter of this year, enhancing the company's appeal as it nears next week's initial public stock offering.
The third-quarter earnings of US$1.20 per share nearly match what GM made in the first two quarters of the year combined, aided by profits from overseas and healthy revenue from North America, the company said yesterday. The earnings were boosted by higher prices from newly introduced models such as the Buick LaCrosse, a midsize luxury sedan.
They also were another indication of a widespread recovery among global auto makers. Toyota, Honda, Nissan, Chrysler and Ford all reported improved results in the most recent quarter as auto sales slowly rise.
The strong quarter meant that GM met projections it made a week ago that net income for the quarter would be US$1.9 billion to US$2.1 billion.
It was the third-straight profitable quarter for GM, which needed US$50 billion in United States government aid to make it through bankruptcy protection last year. The company has repaid or plans to repay taxpayers US$9.5 billion, and the government hopes to get back the remaining US$40 billion with the November 18 common stock offering and several follow-up sales.
The latest results reversed a US$908 million loss, or 73 cents per share, in the third quarter of last year, a short quarter for GM because it spent the first nine days in bankruptcy protection.
The third-quarter earnings of US$1.20 per share nearly match what GM made in the first two quarters of the year combined, aided by profits from overseas and healthy revenue from North America, the company said yesterday. The earnings were boosted by higher prices from newly introduced models such as the Buick LaCrosse, a midsize luxury sedan.
They also were another indication of a widespread recovery among global auto makers. Toyota, Honda, Nissan, Chrysler and Ford all reported improved results in the most recent quarter as auto sales slowly rise.
The strong quarter meant that GM met projections it made a week ago that net income for the quarter would be US$1.9 billion to US$2.1 billion.
It was the third-straight profitable quarter for GM, which needed US$50 billion in United States government aid to make it through bankruptcy protection last year. The company has repaid or plans to repay taxpayers US$9.5 billion, and the government hopes to get back the remaining US$40 billion with the November 18 common stock offering and several follow-up sales.
The latest results reversed a US$908 million loss, or 73 cents per share, in the third quarter of last year, a short quarter for GM because it spent the first nine days in bankruptcy protection.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
