General Motors Company (NYSE:GM) stock was up on Monday following the release of its earnings report for the third quarter of 2017.
During the third quarter of the year, General Motors Company reported earnings per share of $1.32. The company’s earnings per share from the third quarter of 2016 was $1.71. Despite the drop, GM stock was still likely up due to its earnings per share beating out Wall Street’s estimate of $1.13 for the quarter.
Revenue reported by General Motors Company in the third quarter of 2017 was $33.62 billion. This is down from its revenue of $38.89 billion reported in the same period of the year prior. However, it still came in above analysts’ revenue estimate of $32.67 billion for the third quarter of 2017.
General Motors Company reports that a total of 2.32 million vehicles were sold during its third quarter of the year. This represents a 74,181 drop in vehicle sales when compared to the same time last year.
The drop in vehicles sales for the third quarter of 2017 was largely due to GM Europe. Vehicle sales in this region were down 190,970 for a total of 83,183 vehicle sales. Increasing sales in China helped mitigate some of this loss. The company sold 982,311 vehicles in China during the quarter, which is an increase of 107,965. It was also higher than U.S. sales of 924,622.
General Motors Company has also announced a quarterly dividend of 38 cents per share. This will be available to holders of GM stock on Dec. 21, 2017. Shareholders must be on record as of Dec. 8, 2017 to receive the dividend.
GM stock was up 2% as of noon Tuesday and is up 32% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
