Boston, MA 11\/05\/2013 (wallstreetpr) –\u00a0<\/b>The U.S. based automobile major General Motors Corporation (NYSE:GM)<\/b> saw its U.S. sales climb after the recent federal government shutdown ended. For October 2013, the auto giant reported around 15.7% rise in automobile sales in the USA, with fleet sales rising by 14% and retail sales by 16% owing to record pickup truck sales in the same month. Furthermore, the automobile conglomerate\u2019s sales rose about 12% in its largest market China. The sales have surpassed overall analyst expectations of about 10% growth.<\/p>\n
General Motors reported mixed results for its third quarter earnings report. Owing to one-time costs eclipsing its revenues, General Motors had registered a 6% net decline in profits for the third quarter of 2013, with net profit falling to around $1.72 billion from about $1.83 billion for the corresponding period a year ago. After preferred dividends, net stakeholder income fell to $757 million, amounting to earnings per share of $0.45 a share, versus $1.48 billion, or $0.89 a share for the corresponding FY2012 quarter. Revenue, however, dropped below analyst estimates $39.49 billion despite rising by 3.7% to roughly $39 billion. Analysts now expect sales forecasts for cars of around $15.4 million in October from about 15.2 million in September.<\/p>\n
For the first time in Europe, General Motors witnessed slight revenue growth roughly to $4.85 billion from $4.7 billion, helping the global automobile giant recover part of its losses in Europe. Resultant losses amounted to about $214 million, falling way below the $487 million loss reported for the previous year. The automobile maker\u2019s overall global market share has gone up by about 0.1% to 11.7%. Meanwhile, the carmaker will launch new models Chevrolet Silverado High Country and GMC Sierra Denali in November, which should help augment future sales.<\/p>\n
Mixed results notwithstanding, General Motors\u2019s shares have been rock steady over the last 90 days, well above the $34 mark, implying strong investor faith. Stocks rose slightly by 0.21% to close at $37.47 at the NYSE trading close on November 04 from their previous close at $37.39. After-hours trading saw a small $0.03 jump to $37.50.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 11\/05\/2013 (wallstreetpr) –\u00a0The U.S. based automobile major General Motors Corporation (NYSE:GM) saw its U.S. sales climb after the recent federal government shutdown ended. […]<\/p>\n","protected":false},"author":12,"featured_media":12303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2018],"tags":[4062,633,632],"stock_ticker":[],"class_list":["post-12302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automobile","tag-general-motors-corporation-nysegm","tag-gm","tag-nysegm","entry"],"acf":[],"yoast_head":"\n