How General Motors Managed a Profit Amid the Coronavirus Pandemic
General Motors (NYSE: GM) surprised Wall Street with a first-quarter net profit of $294 million, as strong demand for its profitable new pickups more than offset the severe impact of factory shutdowns amid the coronavirus pandemic.
On an adjusted basis, excluding one-time items, GM earned $0.62 per share on revenue of $32.7 billion. Both numbers beat Wall Street estimates as reported by Thomson Reuters. Analysts had predicted that GM would earn $0.33 per share on revenue of $31.12 billion, on average.
GM also confirmed that it plans to restart many of its factories in the U.S. and Canada on May 18, with extensive safety measures in place to protect workers.
Source Fool.com
