Typical Motors reported a sharp drop in quarterly earnings on Wednesday but its share rose three% amid optimism over its potential to temperature the coronavirus disaster.
The pandemic cost the most significant U.S. automaker $one.four billion just before taxes throughout the first quarter, with web earnings sliding 86.seven% to $294 million from $two.two billion a 12 months ago as the corporation shut down its factories.
But GM’s outcomes have been much better than people of rivals Ford and Fiat Chrysler, which both equally reported first-quarter losses. Pretax earnings of 62 cents for every share defeat Wall Avenue projections of 30 cents for every share.
“We feel that we’re positioned perfectly to handle by this since we’ve taken swift actions to protect liquidity,” GM CFO Dhivya Suryadevara explained to reporters.
The corporation finished the quarter with $33.four billion in automotive liquidity. Amid other points, it has saved $two billion by suspending