GM has a 3rd quarter net loss of 3-billion dollars. But that’s because of one-time charges involving the sale of it’s European operations, Adjusted earnings were 2 pt 5 billion… still down 31 percent, but better than Wall Street estimates.
Parting with Europe is expensive for GM.
The numbers include a $2.3 billion non-cash charge related to the sale of its Opel/Vauxhall operations to France’s PSA Group, which closed in August. The sale is expected to cost the company roughly $6.3 billion overall, including $5.4 billion in the third quarter.
GM CFO Chuck Stevens called the results a “very solid quarter” and “on plan” from previous guidance given by the automaker.
GM previously said it will build 150,000 fewer vehicles in North America in the second half of the year than it did in the first half.
The value of GM stock has risen sharply in the past two months.
