GM: beats second-quarter estimates; shares rise
(CercleFinance.com) - General Motors reported a quarterly profit that beat Wall Street estimates as the US auto giant benefited from strong sales in North America, which sent its shares up as a result.
GM posted second-quarter profit of 2.42 billion dollars, against 2.39 billion dollars a year ago, bolstered by the sales of its new light-duty trucks and crossovers in the US, along with cost savings.
With EPS of 1.66 dollar, GM beat the Wall Street's forecast of 1.43 dollar per share and almost achieved the most bullish analyst forecast of 1.71 dollar per share.
Overall revenue fell to 36.1 billion dollars, down 1.9% from 36.7 billion dollars a year earlier.
"We had a solid second quarter, and expect the second half of the year to be stronger than the first half," said CEO Mary Barra.
GM shares were up 2.8% at 41.5 dollars in early morning trading on the New York Stock Exchange.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
GM posted second-quarter profit of 2.42 billion dollars, against 2.39 billion dollars a year ago, bolstered by the sales of its new light-duty trucks and crossovers in the US, along with cost savings.
With EPS of 1.66 dollar, GM beat the Wall Street's forecast of 1.43 dollar per share and almost achieved the most bullish analyst forecast of 1.71 dollar per share.
Overall revenue fell to 36.1 billion dollars, down 1.9% from 36.7 billion dollars a year earlier.
"We had a solid second quarter, and expect the second half of the year to be stronger than the first half," said CEO Mary Barra.
GM shares were up 2.8% at 41.5 dollars in early morning trading on the New York Stock Exchange.
Copyright (c) 2019 CercleFinance.com. All rights reserved.