( ) -q-23- UNDATED (Correspondent Jeremy House) “Wall Street estimates.” U.S. sales are down and a once-profitable joint venture in China is losing money, but General Motors still managed to post $3 billion in net profits last quarter. [CutID: <Cuts> GM-PROFITS-house-q-TUEam.mp3 Time: 23s Title: GM-PROFITS-house-q-TUEam Out-cue: Wall Street estimates] TAG: Correspondent Jeremy House reporting. Chief […]
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GM overcomes US sales drop to post 3rd quarter profit of $3 billion
( ) -q-23- UNDATED (Correspondent Jeremy House) “Wall Street estimates.”
U.S. sales are down and a once-profitable joint venture in China is losing money, but General Motors still managed to post $3 billion in net profits last quarter.
[CutID: <Cuts> GM-PROFITS-house-q-TUEam.mp3
Time: 23s
Title: GM-PROFITS-house-q-TUEam
Out-cue: Wall Street estimates]
TAG: Correspondent Jeremy House reporting. Chief Financial Officer Paul Jacobson said that while overall sales in the profitable U.S. market were down 2.2% for the quarter, much of that drop was from sales to large fleet buyers. Sales to individuals, which generally make more money, were up 3%.
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VERBATIM: That’s slightly less than it made a year ago. The Detroit automaker said it took in $48.8 billion in revenue from July through September, 10% more than last year. It was aided by U.S. average vehicle sale prices that were steady at over $49,000. The company’s revenue and adjusted earnings per share both soundly beat Wall Street estimates.