General Motors Company (NYSE:GM) reported its results for the second quarter. General Motors develops, produces and markets cars, trucks and parts worldwide.
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General Motors Company Earnings Cheat Sheet
Results: Net income for General Motors Company fell to $1.5 billion (90 cents per share) vs. $2.99 billion ($1.54 per share) a year earlier. This is a decline of 49.9% from the year-earlier quarter.
Revenue: Fell 4.5% to $37.6 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: General Motors Company beat the mean analyst estimate of 75 cents per share. Analysts were expecting revenue of $37.54 billion.
The company has now seen net income fall in each of the last four quarters. In the first quarter, net income fell 60.9% while the figure fell 48.4% in the fourth quarter of the last fiscal year and 2.5% in the third quarter of the last fiscal year.
A year-over-year revenue decrease last quarter breaks a four-quarter streak of revenue increases. The best quarter in that span was the second quarter of the last fiscal year, which saw revenue rise 18.7%.
The company has beaten estiamtes for two quarters in a row. In the first quarter, it topped expectations with net income of 93 cents versus a mean estimate of net income of 84 cents per share.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from 96 cents a share to 74 cents over the last ninety days. The average estimate for the fiscal year is $3.27 per share, down from $3.86 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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