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General Motors Reports Jump in Profits on Strong Sales

Started by Epoch-Times-Bot, Oct 26, 2022, 09:45 AM

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Epoch-Times-Bot

General Motors Reports Jump in Profits on Strong Sales

General Motors has registered a strong third-quarter 2022 performance, hitting record revenue and double-digit growth in earnings before interest and taxes-adjusted margins.
Net income for the quarter ended September 2022 was $3.3 billion, up by $885 million from $2.42 billion in September 2021, financial data from the company show. Revenues were at $41.89 billion, up by more than $15 billion from $26.78 billion a year back. EBIT-adjusted margins jumped from $2.82 billion to $4.29 billion, an increase of more than 52 percent.
According to company guidance, full-year net income is expected to be between $9.6 and $11.2 billion, while the EBIT-adjusted margin is projected to be between $13 billion and $15 billion.
In a letter to shareholders, CEO Mary Barra claimed that despite a "challenging environment," demand for GM products continues to be strong. The company affirms its full-year guidance and is "actively managing" the headwinds it is facing, she said....

Source: General Motors Reports Jump in Profits on Strong Sales


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