GM quarterly profit falls but beats Wall Street estimates

By Nick Carey and Ben Klayman

DETROIT (Reuters) – General Motors Co (N:) on Tuesday posted a lower third-quarter profit but beat Wall Street estimates as strong U.S. sales of high-margin pickup trucks and SUVs offset the impact of a 40-day U.S. labor strike and weak sales in China.

Net income in the third quarter fell to $2.3 billion, or $1.60 a share, compared with $2.5 billion, or $1.75 a share, a year earlier. Excluding one-time items, GM earned $1.72 a share. Analysts had expected $1.31, on average, according to IBES data from Refinitiv.

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