Market Updates
GM Swings to Profit, Beats Estimates
Elena
31 Jul, 2007
New York City
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The automotive giant posted Q2 increase to $891 million, or $1.56 per share, reversing from a loss of $3.4 billion, or $5.98 a share a year ago. However, company
[R]8:00AM General Motors swung to profit in Q2, beating estimates.[/R]
General Motors ((GM)) announced Tuesday it swung to a Q2 net income profit. The automotive giant posted Q2 increase to $891 million, or $1.56 per share, reversing from a loss of $3.4 billion, or $5.98 a share a year ago. However, company’s sales fell to $46.8 billion vs. a restated $53.9 billion last year. Quarterly results exceeded analyst expectations of earnings of $1.13 a share and revenue of $44.45 billion.
Adjusted net income advanced to $2.4 billion, or $2.48 a share, compared to $1.1 billion, or $2.03 a share last year. Global market share slightly declined to 13.3%, compared to 13.7% in the year-ago period, driven by a softer U.S. market and a reduction in fleet sales. The stock jumped 7.2% in pre-market trading.
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