Demand for trucks powers General Motors' better-than-expected profit in Q3

General Motors Co. reported a better-than-expected profit in the third quarter as strong demand for trucks powered its recovery from a slump in sales earlier this year.

The automaker said adjusted earnings per share came to $2.83 in the quarter, beating an analyst consensus estimate for $1.45 a share. That was up from $1.72 a year ago and better than the second quarter, when GM posted its first loss in more than a decade.

GM swung back into the black as its plants resumed production following a six-week springtime shutdown due to the coronavirus and as more pandemic-weary buyers snapped up vehicles such as its lucrative Chevrolet Silverado and GMC Sierra pickups. “This year, and the third quarter, is a testament to GM’s resilience,” Chief Executive Officer Mary Barra said in a statement.

The results put the carmaker on a path toward a goal for operating profit as high as $5 billion for the full year. 

ArcelorMittal posts $261-mn loss

Global steel giant ArcelorMittal posted a net loss of $261 million (around Rs 1,940 crore) for the quarter ended Septe­mber 30. The company had clocked a net loss of $539 million in the same quarter a year ago, the company said. 

The Luxembourg-headqua­rtered integrated steel and mining company follows January-December fiscal year. 

The net loss in June quarter was $559 million. Sales in July-September were $13.3 billion as compared to $16.6 billion in the correspo­nding period of 2019, the company said. PTI