Detroit automaker General Motors (GM) has announced third-quarter financial results that crushed Wall Street forecasts.
GM reported earnings per share (EPS) of $2.96 U.S., which topped the $2.43 U.S. that was the consensus expectation among analysts.
Revenue in the third quarter of the year totaled $48.76 billion U.S., which beat estimates that had called for $44.59 billion U.S. in sales.
In terms of guidance, GM said that it now expects full-year earnings of $10 U.S. to $10.50 U.S. per share, up from $9.50 U.S. to $10.50 U.S. previously.
The company also raised its free cash flow forecast to between $12.5 billion U.S. and $13.5 billion U.S., up from $9.5 billion U.S. to $11.5 billion U.S. earlier.
This is the third time this year that General Motors has raised its forward guidance amid strong vehicle sales.
Management said that the strong Q3 results were due to pricing and North American sales offsetting losses incurred in China.
The stock of General Motors gained 2.5% in premarket trading on news of the Q3 financial results. The company’s share price has now risen 35% this year to trade at $48.93 U.S.
