General Motors (NYSE:GM) earnings for the automobile company’s third quarter of 2019 have GM stock up on Tuesday. This is due to its adjusted diluted EPS of $1.71 coming in above Wall Street’s estimate of $1.31. Revenue of $35.50 billion beats out analysts’ estimates of $33.82 billion for the quarter.
Let’s dive deeper into the most recent General Motors earnings report.
- Adjusted diluted per-share earnings are down 8% from $1.87 during the same time last year.
- GM notes that the negative impact of the worker strike on its Q3 adjusted diluted earnings per share was 52 cents.
- It’s expecting the strike to hurt its adjusted diluted EPS by $2.00 for the full year of 2019.
- Revenue for the quarter is roughly 1% lower compared to the same period of the year prior.
- Net income of $2.30 billion is an 8.70% drop from the third quarter of 2018.
Mary Barra, Chairman and CEO of General Motors, says this about the Q3 GM stock earnings.
“Our new labor agreement maintains our competitiveness, preserves our operating fexibility and allows us to continue improving our quality and productivity. We remain focused on strengthening our core business and leading in the future of personal mobility.”
The General Motors earnings report also includes an update to its 2019 guidance. The company is now expecting adjusted diluted per-share earnings to range from $4.50 to $4.80 for 2019. That will have it coming in below Wall Street’s estimate of $5.62 for the period.
GM stock was up 4.71% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
