General Motors (GM) stock is up 3% after the Detroit automaker reported a big third quarter
earnings beat.
GM announced Q3 earnings per share of $2.25 U.S. versus $1.88 U.S. that was expected on
Wall Street. Revenue in the quarter slightly missed expectations, coming in at $41.89 billion
U.S. compared to $42.22 billion U.S. that was forecast by analysts.
Despite the earnings per share beat, General Motors did not adjust its guidance for the year as
its profit margins narrowed.
The automaker maintained its outlook for full-year net income of $9.6 billion U.S. to $11.2 billion
U.S. and earnings of between $13 billion U.S. and $15 billion U.S., or $6.50 U.S. to $7.50 U.S.
per share.
In its earnings statement, GM said that it expects to reach the midpoint of its earnings guidance
for the year. The company also said that it will host an investor day webcast on November 17.
GM stock is down 42% this year and trading at $35.72 U.S. per share.
