General Motors Reports Record 3Q Revenue
YOUNGSTOWN, Ohio – Two of the three American automakers reported gains in the third quarter as General Motors Corp. and Fiat Chrysler Automobiles posted quarterly financial statements. While GM posted record revenues, Fiat Chrysler reported only modest gains.
GM reported a record third-quarter revenue of $42.8 billion – a 10.3% gain from the same period a year ago – while net income was up 104% to $2.8 billion. Operating income for GM was up 203% to $3 billion.
Global car sales for the company rose 3.8% last quarter to 2.4 million vehicles. Year-to-date, GM has sold 7.2 million vehicles, a 0.4% increase from the same period in 2015. Sales in the U.S. are so far this year are up 0.5% to 2.2 million.
In its quarterly financial release, GM said it expects full-year earnings per diluted share “at the high end of its previously-stated $5.50 to $6.”
“Strong bottom line performance this years puts us solidly on track to deliver on our annual earnings outlook and our gash generation has allowed us to complete our initial share buyback ahead of schedule,” said Chuck Stevens, chief financial officer for GM.
Among the highlights detailed by GM in its release, the company’s market share grew 0.4% with an average transaction price of $35,700, nearly $5,000 above the industry average.
By 2050, the company added, 100% of electricity generated our sourced will be from renewable resources such as solar or wind. Playing a part in that mission is the GM Lordstown complex’s 8,550 solar panels, the largest array at a GM building in the western hemisphere.
Fiat Chrysler Automobile’s third-quarter results held steady when compared to last year as the automaker reported net revenue of roughly $29.1 billion, compared to $28.9 billion a year ago. Adjusted net profit increased 252% to $804.8 million.
Car sales totaled about 1.1 million units worldwide, about the same number as the third quarter of 2015. Year-to-date sales are also holding even with last year with about 3,487,000 cars sold in 2016, about 6,000 more than 2015.
Ford Motor Co. will release its third-quarter results Thursday.
Copyright 2022 The Business Journal, Youngstown, Ohio.