No. 1 automaker sees sharp drop in profit but easily tops Wall Street expectations for period.
October 15, 2003: 8:05 AM EDT
NEW YORK (CNN/Money) - General Motors Corp. reported a sharp drop in third-quarter earnings Wednesday but still drove far past Wall Street expectations for the period.
The world's largest automaker earned 79 cents a share excluding special items but including a loss from the Hughes Electronics unit it is selling. That's better than the 66 cents a share forecast by analysts surveyed by earnings tracker First Call, but off the $1.20 a share earned on a similar basis a year earlier.
GM also said it expects to earn $1 a share in the fourth quarter, excluding the effects of Hughes. First Call's EPS forecast for the period is $1.02, but that includes Hughes.
Shares of GM (GM: Research, Estimates), a component of the Dow Jones industrial average, gained 43 cents to $43.97 in trading Tuesday.
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