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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General Motors is set to report earnings before the bell. Here's what Wall Street expectsGM has been navigating ongoing strikes by the United Auto Workers after the union and Detroit automakers failed to reach labor deals by a Sept. 14 deadline.
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