Investing.com -- General Motors Co. reported third-quarter earnings that exceeded analyst estimates, driving its stock up 3% in early trading. The automaker's strong performance was fueled by robust revenue growth and improved profitability.
The company's EBIT-adjusted rose 15.5% YoY to $4.1 billion, with an EBIT-adjusted margin of 8.4%, up 0.3 percentage points from the same period last year. GM's North American operations continued to be a key driver, with EBIT-adjusted of $3.98 billion, up 12.9% YoY. In light of its strong performance, GM raised its full-year 2024 guidance. The company now expects EBIT-adjusted between $14 billion and $15 billion, up from the previous range of $13 billion to $15 billion. GM also increased its adjusted EPS forecast to $10.00-$10.50, above the analyst consensus of $9.97.
GM's financial guidance includes anticipated capital spending of $10.5 billion to $11.5 billion for 2024, which encompasses investments in battery cell manufacturing joint ventures.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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