Coronavirus-related plant closings send GM into 2Q net loss

Coronavirus-related plant closings send GM into 2Q net loss

Even though General Motors was able to reopen its U.S. factories for the last half of the second quarter, the company still lost $806 million from April through June

By

TOM KRISHER AP Auto Writer

July 29, 2020, 11:41 AM

1 min read

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DETROIT -- Even though General Motors was able to reopen its U.S. factories for the last half of the second quarter, the company still lost $806 million from April through June.

The Detroit automaker had to close its plants from March 18 to May 18 due to the coronavirus, but production didn’t resume fast enough to hold off a net loss.

GM counts revenue when vehicles are shipped from its factories, so it had little money coming in for seven weeks in April and May.

The company reported a loss of 50 cents per share excluding one-time items. That was better than Wall Street expected, with analysts polled by FactSet predicting a $1.77 per-share loss.

Revenue was cut in half to $16.78 billion, and that also beat estimates.

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