General Motors Withdraws Guidance Amid UAW Uncertainty
General Motors (GM:US) released its results for the third quarter with a profit per share coming in at $2.28, easily topping the expected $1.84.
Revenue was reported at $44.13 billion, reflecting a 5.4% increase year-over-year. The estimated figure was $43.25 billion.
Automotive net sales and revenue amounted to $40.50 billion, marking a 4.7% increase from the previous year. Analysts were looking for $39.56 billion.
GM Financial, the company’s financial services arm, reported net sales and revenue of $3.64 billion, showing a 14% year-over-year growth, surpassing the estimated $3.37 billion.
When it comes to cash flow, GM reported an adjusted automotive free cash flow of $4.91 billion, reflecting a 6.9% increase from the previous year.
The North American business sold 810,000 units, marking a 3.3% year-over-year increase, compared to the estimated 790,617 units. International vehicle sales, on the other hand, reached 171,000 units, which is a 6% decrease from the previous year, and slightly below the estimated 175,730 units.
The company withdrew its full-year guidance, citing uncertainty surrounding talks with labor unions over a new contract.
Congress members Ro Khanna and Daniel Goldman have been trading GM shares in recent months. Rep. Khanna was selling the stock recently, including two transactions that took place in July.
GM stock is down 13.6% YTD.
