General Motors Corp. posted a significant improvement in its financial results Wednesday by reporting a $115-million loss for the third quarter of this year.
GM, the world’s largest automaker, said it would have been profitable in the quarter except for special charges primarily associated with the reorganization of bankrupt Delphi Corp., its largest parts supplier.
Excluding the charges, GM had adjusted net income of $529 million, or 93 cents a share, on revenues of $48.8 billion during the three-month period that ended Sept. 30.
The performance surpassed the consensus of Wall Street analysts who predicted GM would earn about 50 cents a share before charges.
“Our third quarter results again reflect significant progress in our fast-paced initiatives to turn around our business and create a company that is leaner, faster and positioned for long-term sustainable growth,” said Chairman Rick Wagoner.
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