EARNINGS-GM quarterly profit falls but beats Wall Street estimates

Credit: REUTERS/REBECCA COOK

By Nick Carey and Ben Klayman

DETROIT, Oct 29 (Reuters) - General Motors Co GM.N on Tuesday posted a lower third-quarter profit but beat Wall Street estimates as strong U.S. sales of high-margin pickup trucks and SUVs offset the impact of a 40-day U.S. labor strike and weak sales in China.

Net income in the third quarter fell to $2.3 billion, or $1.60 a share, compared with $2.5 billion, or $1.75 a share, a year earlier. Excluding one-time items, GM earned $1.72 a share. Analysts had expected $1.31, on average, according to IBES data from Refinitiv.

(Reporting by Ben Klayman Editing by Nick Zieminski)

((benjamin.klayman@thomsonreuters.com; 313-600-2277; Reuters Messaging: benjamin.klayman.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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