Markets
GM

General Motors Q2 Adj. Loss Narrower Than Estimates; But Revenues Miss

(RTTNews) - Automaker General Motors Co. (GM) on Wednesday reported second-quarter net loss attributable to shareholders of $758 million or $0.56 per share, compared to net income of $2.42 billion or $1.66 per share in the year-ago period, as results were impacted by the coronavirus pandemic.

Adjusted loss for the quarter was $0.50 per share, compared to adjusted earnings of $1.64 per share in the year-ago period. On average, analysts polled by Thomson Reuters expected the company to report loss of $1.77 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter was $16.78 billion, down 53 percent from $36.06 billion in the previous-year quarter. The Street expected revenue of $17.31 billion for the quarter.

GM North America recorded near EBIT-adjusted breakeven despite eight weeks of lost production. The company's second-quarter U.S. sales declined about 34 percent compared to a year ago.

GM ended the second quarter with $30.6 billion in automotive liquidity.

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

In This Story

GM

Latest Markets Videos

RTTNews

Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More