General Motors Earnings Beat Estimates, but Strike Costs Hurt
General Motors (NYSE: GM) said that its third-quarter net income fell 8.7% from the third quarter of 2018 to $2.3 billion, a better-than-expected result after a nationwide strike shut down GM's U.S. factories in mid-September.
Excluding one-time items, GM earned $1.72 per share, well above the $1.31 average estimate from analysts polled by Thomson Reuters. Revenue of $35.5 billion, down 0.9% from a year ago, was also solidly above Wall Street's $33.82 billion estimate.
As expected, GM also cut its full-year guidance to reflect the effects of production lost during the strike.
Source Fool.com
