General Motors – the largest US automaker reported its financial results for Q3 2020, and the results were higher-than-expected.
General Motors posted earnings of $4.1 billion, topping the $2.1 billion forecasted by the market. Compared to the same quarter last year's figures, the results came in 64% higher.
While the earnings numbers were above the consensus, the same cannot be said about revenue. For Q3 2020, the revenue figures came in line with expectations at $35.5 billion. GM maintained the numbers at this level despite the 4% decline in its worldwide sales.
Also, the profit margin increased to 14.9% from last year’s 8.4%.
General Motors didn't provide any further guidance, but it announced that it plans to invest up to $1 billion in its Oshawa plant to build pickup trucks starting early 2022.
Following the report, General Motor stock price rallied nearly 7%. Year-to-date, the company’s stock price lost roughly 3%.
Read about how companies have performed in the past quarter here!
Sources: markets.businessinsider.com, edition.cnn.com