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General Motors posted stronger-than-expected third-quarter earnings Tuesday while repeating its full-year profit outlook, as higher car prices helped fuel record sales for the biggest U.S. automaker.
General Motors said adjusted earnings for the three months ending in September came in at $2.25 per share, up 48.5% from the same period last year and well ahead of the Street consensus of $1.88 per share. GM said that group revenues were pegged at $41.9 billion, a 56.4% increase from last year that came in just shy of analysts’ consensus of $42.2 billion tally.
GM sold just under 555,600 cars over the three months ending in September, a 24% from last year and a tally that reclaimed the nine-month U.S. lead over Toyota – which bested both Ford and GM in total 2021 sales for the first time since 1931.
GM repeated its view that adjusted 2022 earnings will come in between $6.50 and $7.50 per share, or $13 billion to $15 billion, with adjusted automotive free-cash flow from operations of between $7 billion and $9 billion.
GM shares were marked 4.26% higher in pre-market trading immediately following the earnings release, indicating an opening bell price of $37.24 each.
