General Motors Company’s third quarter 2018 earnings are headlined by $2.5 billion in income on $35.8 billion in revenue.
The results represent an increase of 6.4 percent in revenue and a 2,123 percent increase in profit compared to the same period a year ago, mostly as a result of strong results in North America driven by all-new full-size trucks and crossovers, along with third quarter records for GM China and GM Financial.
“Our third-quarter performance demonstrates our determination to manage risks and deliver strong business results while continuing to advance the future of mobility”, said GM CEO Mary Barra in a press release.
GM’s Q3 2018 financial results consist of:
- EPS-diluted of $1.75 and EPS diluted-adjusted of $1.87
- Profitability in all core operating segments:
- GM North America EBIT-adjusted of $2.8 billion (up from $2.1 billion in Q3 2017) and EBIT-adjusted margin of 10.2 percent due to all-new full-size trucks, continued crossover performance and overall favorable pricing
- GM International EBIT-adjusted of $0.1 billion (down from $0.4 billion in Q3 2017), including China equity income of $0.5 billion, offset by continued weakness of South American currencies
- GM Cruise EBIT-adjusted of $(0.2) billion (equal to Q3 2017), on plan and reflecting continued spending on autonomous as the company moves to commercialization. Based on the current state of iteration, Cruise continues to target commercialization in 2019 in a dense urban environment.
- GM Financial EBT-adjusted of $0.5 billion (up from $0.3 billion in Q3 2017) on continued strong EBT and revenue growth; GM Financial will pay a dividend to GM commencing in the fourth quarter
Stay tuned as we update this story with more details.