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General Motors rises premarket after earnings blow past estimates

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Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.

General Motors Co.’s stock GM, -1.48% rose 2.5% early Tuesday, after the car maker blew past earnings estimates for the third quarter. The company had net income of $3.064 billion, or $2.20 a share, for the quarter, after income of $3.305 billion, or $2.25 a share, in the year-earlier period. Adjusted per-share earnings came to $2.28, well ahead of the $1.87 FactSet consensus. Revenue rose to $44.131 billion from $41.889 billion a year ago, also ahead of the $42.482 billion FactSet consensus.

“We were profitable in every region, including China,” Chief Executive Mary Barra said in a letter to shareholders. “And GM International excluding China is on track to deliver significantly higher EBIT-adjusted in 2023 compared to a year ago.” Addressing the current strike by the company’s union-backed workers, Barra said the current offer “is the most significant that GM has ever proposed to the UAW, and the majority of our workforce will make $40.

 

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