General Motors (NYSE: GM) says its third-quarter earnings beat analysts' expectations on Tuesday, driven in part by especially strong sales of crossovers in the US and sales in China.
Adjusted Earnings per Share came in at $1.32 vs. $1.12 analysts expected. Revenue registered at $33.6 billion vs. $32.72 billion expected
The largest U.S. automaker posted a net loss of $2.98 billion, or $2.03 per share, compared with a profit of $2.77 billion, or $1.17 per share a year earlier.
In the latest period, earnings were hurt by the sale of its Opel/Vauxhall unit in Europe to France's PSA Group. Excluding that charge, the company outpaced Wall Street's expectations by a wide margin.
GM earned $1.32 per share on an adjusted basis. Analysts surveyed by Thomson Reuters were expecting the company to earn $1.12 per share.
Third-quarter revenue fell 13.5% from a year earlier to $33.6 billion. However, the sales were stronger than the expected $32.72 billion by analysts.
According to GM CEO Mary Barra,"We delivered solid results even with planned, lower third-quarter production in North America.
"We are managing the business with discipline to drive strong performance today, while investing in higher-return opportunities, including those that will shape the future of transportation."
GM's sales results were led by a 25% increase in crossover sales, GM's best third-quarter performance for the segment so far. GM deliveries in China were up 12.3% over the third quarter of 2016, setting a record for the period.
The automaker expects full-year earnings per share to be $6-$6.50, compared with analysts’ consensus of $6.29.
GM shares were $1.41, or 3.1%, to the good, to $46.56 mid-morning Tuesday.
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