gm shares rise despite hefty loss
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

North American market

GM shares rise despite hefty loss

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today GM shares rise despite hefty loss

GM reported a loss of $3 billion for the quarter ending
New York - Al Maghrib Today

General Motors reported a hefty loss Tuesday due to costs connected to its Opel/Vauxhall sale, but won praise for moving aggressively to address an inventory overhang in North America.

GM, facing a slowdown in North America after a multi-year boom, beefed up incentives in the third quarter to unload vehicles in the region, cutting into profit margins but lifting overall sales.

But operating profits improved in overseas markets, with especially strong increases in Chinese deliveries. That enabled GM to report higher-than-expected operating earnings per share.

Wall Street, which has been bullish on GM of late over its push into electric and autonomous-driving technology, liked the report, bidding shares higher despite a big loss.

GM reported a $3 billion loss for the quarter ending September 30 due to $5.4 billion in one-time costs associated with the Opel/Vauxhall deal. GM in March announced the sale of its European division to PSA Groupe for $2.3 billion.

Most of the charge related to the Opel/Vauxhall sales consisted of $4.3 billion in tax assets that won't be realized due to the transaction.

Revenues were down 13.5 percent to $33.9 billion.

"Solid performance in all operating segments led to a very good quarter. With an aggressive vehicle launch cadence through the fourth quarter and an ongoing intense focus on costs, we project strong results through the end of the year," said GM chief financial officer Chuck Stevens.

GM has curtailed production of vehicles at several North American plants due to weak demand, especially of sedans. The automaker's incentives for the period came in at 106 percent of the industry average.

US dealer inventories now stand at 35,000 above the year-ago level, but were down nearly 160,000 from the end of the second quarter, the company said.

Weaker profits in North America were partially offset by higher profits in GM's international operations division. The company also swung to an operating gain in South America from a loss in the year-ago period.

Morgan Stanley praised GM for proactively managing its North American profile despite a slowing market.

"GM has taken its lumps up front in the quarter to help ensure a reduction of year-end inventory from levels that were quite worrisome earlier in the year," Morgan Stanley in a note.

However, the investment bank said GM, now at a higher stock value, "faces the rather high-quality problem of execution risk, while the underlying market fundamentals become more difficult to sustain."

GM shares rose 1.7 percent to $45.92 in morning trading.

almaghribtoday
almaghribtoday

GMT 12:34 2018 Tuesday ,16 January

Yamaha motorcycle comes on command

GMT 12:23 2018 Monday ,15 January

Detroit Auto Show opens on Sunday

GMT 11:05 2018 Sunday ,14 January

Tesla faces fresh Norway lawsuit

GMT 12:45 2018 Saturday ,13 January

BMW drives to new sales record

GMT 09:30 2018 Friday ,12 January

French carmaker PSA uses Macron reforms

GMT 12:16 2018 Thursday ,11 January

Aston Martin targets London float

GMT 10:45 2018 Wednesday ,10 January

Toyota brings the store to you

GMT 11:45 2018 Tuesday ,09 January

Mercedes-Benz claims luxury pole position
Almaghrib Today, almaghrib today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gm shares rise despite hefty loss gm shares rise despite hefty loss

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gm shares rise despite hefty loss gm shares rise despite hefty loss

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more
Almaghrib Today, almaghrib today The Rake announces editorial updates

GMT 10:46 2018 Tuesday ,16 January

The Rake announces editorial updates
Almaghrib Today, almaghrib today Europe brings on charm and blue skies

GMT 11:51 2018 Tuesday ,23 January

Europe brings on charm and blue skies
Almaghrib Today, almaghrib today For the Variety of Interior Design Styles

GMT 10:46 2017 Tuesday ,19 December

For the Variety of Interior Design Styles
Almaghrib Today, almaghrib today US Christian tourists see deep meaning

GMT 13:44 2018 Monday ,22 January

US Christian tourists see deep meaning
Almaghrib Today, almaghrib today Amazon to open first cashierless shop

GMT 10:03 2018 Tuesday ,23 January

Amazon to open first cashierless shop

GMT 01:31 2014 Wednesday ,25 June

Monarch butterfly uses magnetic, Sun compasses

GMT 06:48 2012 Monday ,14 May

Layers of imagination

GMT 08:17 2012 Tuesday ,01 May

90 percent of Gaza\'s fishermen jobless

GMT 20:28 2017 Tuesday ,15 August

Meet the Muslim Miss Universe star

GMT 08:19 2017 Monday ,31 July

Nesrine will end filming 'Zizo’s Family' soon

GMT 05:20 2013 Saturday ,24 August

Ayoon Wa Azan (It happened one summer)

GMT 17:41 2012 Wednesday ,18 April

Ali Gomaa visits Jerusalem\'s Al-Aqsa mosque

GMT 12:09 2017 Tuesday ,26 December

Klopp tells Liverpool to focus on Euro ambitions

GMT 13:20 2012 Monday ,16 January

Davutoglo meets Lebanese political figures

GMT 15:15 2013 Wednesday ,17 April

Bahrain, NATO discuss bilateral cooperation

GMT 14:44 2013 Tuesday ,16 April

Egypt 2012 unemployment hits 12.7%

GMT 10:40 2012 Saturday ,07 April

Schalke vs Hannover

GMT 10:35 2014 Thursday ,20 March

Kuwait prime minister tours Bayan Palace

GMT 20:47 2014 Sunday ,23 February

Iraqi army helicopter crashes killing 3

GMT 00:26 2012 Sunday ,07 October

Mother of the Bride
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday