General Motors Co. shares GM, +0.44% rose 1.1% in premarket trade Wednesday before paring those gains, after the car maker topped profit estimates for the fourth quarter, offsetting a sales miss. The company said it had a net loss of $232 million, or 16 cents a share, in the quarter, after earnings of $2.006 billion, or $1.40 a share, in the year-earlier period. The loss includes a $1.39 impact from the recent four-week strike, that reduced wholesales by 191,000 units year-over-year, the company said in a statement. Adjusted per-share earnings came to 5 cents a share, ahead of the 1 cent FactSet consensus. Revenue fell 20% to $30.8 billion, below the $31.3 billion FactSet consensus. "GM will benefit from new vehicle launches, ongoing cost savings and lean U.S. inventory to begin the year, partially offset by macro factors," said the statement. It expects adjusted EPS to be flat in 2020, excluding the effects of the U.S. strike on 2019 results, taxes and interest, and Lyft and PSA investments. Sales in the U.S. and China are expected to slow, the company said. Shares have fallen 12.5% in the last 12 months, while the S&P 500 SPX, +0.77% has gained 20%.
https://news.google.com/__i/rss/rd/articles/CBMid2h0dHBzOi8vd3d3Lm1hcmtldHdhdGNoLmNvbS9zdG9yeS9nZW5lcmFsLW1vdG9ycy1wcm9maXQtdG9wcy1lc3RpbWF0ZXMtaW4tZm91cnRoLXF1YXJ0ZXItYXMtc2FsZXMtZmFsbC1zaG9ydC0yMDIwLTAyLTA10gFPaHR0cHM6Ly93d3cubWFya2V0d2F0Y2guY29tL2FtcC9zdG9yeS9ndWlkLzdDMEZBMDgwLTQxNEEtNEQ0Ni1BMjA0LTNGNkVCMUFFMzVCQQ?oc=5
2020-02-05 13:33:00Z
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