Shares of General Motors Co. were moving higher in premarket trading Tuesday after the automotive company easily topped profit expectations for the latest quarter but fell slightly short on revenue.
The company posted third-quarter net income of $3.31 billion, or $2.25 a share, up from $2.42 billion, or $1.62 a share, in the year-prior quarter. On an adjusted basis, GM also earned $2.25 a share, up from $1.52 a share a year before, while analysts tracked by FactSet were anticipating $1.88 a share.
GM’s
GM,
revenue rose to $41.89 billion from $26.78 billion in the year-earlier period. Analysts tracked by FactSet were modeling $42.09 billion in revenue.
Shares were ahead 1.3% in premarket action.
Executives stated in the earnings release that they were reaffirming their full-year outlook, which calls for $9.6 billion to $11.2 billion in net income along with $6.50 to $7.50 in adjusted earnings per share.
“We’re delivering on our commitments and affirming our full-year guidance despite a challenging environment because demand continues to be strong for GM products and we are actively managing the headwinds we face,” Chief Executive Mary Barra added in a letter to shareholders.
She noted that the company benefited from “improved supply chain conditions” in the latest quarter.
GM plans to increase production of its Chevrolet Bolt EV and Bolt EUV to 70,000 units next year from 44,000 units this year. The company intends to detail “the rapid scaling” of its electric-vehicle business during a Nov. 17 investor day, per the shareholder letter.
GM’s stock has fallen 39% so far this year as the S&P 500
GM,
has lost about 20%.
