General Motors Earnings Cheat Sheet: Net Income Drops

General Motors Company (NYSE:GM) reported its results for the third quarter. General Motors develops, produces and markets cars, trucks and parts worldwide.

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General Motors Company Earnings Cheat Sheet for the Third Quarter

Results: Net income for the company was $1.7 billion ($1.03 per share) vs. $2 billion ($1.20) per share) the year earlier.

Revenue: Rose 8% to $36.7 billion from the year-ago quarter.

Quoting Management: “GM delivered a solid quarter thanks to our leadership positions in North America and China, where we have grown both sales and market share this year. But solid isn’t good enough, even in a tough global economy,” said Dan Akerson, chairman and CEO. “Our overall results underscore the work we have to do to leverage our scale and further improve our margins everywhere we do business.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 33 cents in the second quarter, by one cent in the first quarter, and by 5 cents in the fourth quarter of the last fiscal year.

Looking Forward: Over the past ninety days, the average estimate for the fourth quarter has fallen from 98 cents per share to 88 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. Over the past three months, the average estimate for the fiscal year has climbed from $4.03 per to share to $4.28.

Competitors to Watch: Ford Motor Company (NYSE:F), Toyota Motor Corp. (NYSE:TM), HONDA MOTOR CO., LTD. (NYSE:HMC), Daimler AG (DDAIF), Nissan Motor Co., Ltd. (NSANY), Tesla Motors Inc (NASDAQ:TSLA), Volkswagen AG (VLKAY), Tata Motors Limited (NYSE:TTM), Spartan Motors, Inc. (NASDAQ:SPAR), and Federal Signal Corporation (NYSE:FSS).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)