Company expects to post third quarter net income attributable to common stockholders of $1.9-$2.1 billion and earnings before interest and tax (EBIT) of $2.2-$2.4 billion.
Wayne Gerdes -
CleanMPG - Nov. 3, 2010
The 2011 Chevrolet Cruze: While not Silverado or Sierra profitable, it may actually be a decent money maker for GM after all.
I will simply post this one right from a release a few hours ago:
GM announced today that for the third quarter, ending September 30, 2010, the company expects to generate:
- Revenued of approximately $34 billion
- Net income attributable to common stockholders of $1.9-$2.1 billion.
- Earnings before interest and taxes (EBIT) of $2.2-$2.4 billion.
For the first nine months of the year, GM estimates:
- Revenue of $99 billion.
- Net income attributable to common stockholders of $4.0-$4.2 billion.
- EBIT of $6.0-$6.2 billion.
Can you tell than an IPO is coming?
The company also announced it expects to generate positive EBIT in the fourth quarter, albeit at a significantly lower run rate than each of the first three quarters, due to the fourth quarter having a different production mix, new vehicle launch costs (in particular the Chevrolet Cruze and Volt) and higher engineering expenses for future products.
“We are extremely pleased with the level of progress the company is making," said Chris Liddell, GM vice chairman and chief financial officer. “We will deliver a solid and profitable first year post-bankruptcy, and we are continuing to improve our balance sheet and most importantly, the quality of our vehicles.”
GM will release details of its third quarter results next Wednesday, November 10, 2010 at 7:30 AM ET.
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