GM Says U.S. Auto Demand Returning

By Matt Grossman 

General Motors Co. saw U.S. auto sales improve sequentially each month in the July-to-September period, a sign of returning American demand, the company said Thursday.

Revenue was $35.48 billion, compared with $35.47 billion in last year's third quarter. Analysts were expecting revenue of $35.43 billion.

Shares rose 5.85% in premarket trading.

GM had a relatively low bar to clear in comparison with the year-ago period given that a 40-day strike temporarily stopped production at its U.S. factories beginning in September 2019. Even so, the company's results represented a rebound from its performance earlier in the year, which was slowed by the coronavirus pandemic. Global deliveries rebounded to 1.8 million, from 1.5 million in the second quarter, GM said. Its full-size sport-utility vehicles and large pickup trucks gained U.S. retail market share.

The company's profit in the latest quarter was $2.78 a share, up from $1.60 a share in the equivalent stretch last year. Adjusting for special items, GM's profit was $2.83 a share, well ahead of the $1.38 a share that analysts polled by FactSet had forecast.

Write to Matt Grossman at [e-mail]

(END) Dow Jones Newswires

November 05, 2020 08:44 ET (13:44 GMT)

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