General Motors Company (NYSE:GM) this morning posted Q3 earnings results that easily beat analyst expectations, helped by strong vehicle deliveries in China.
The Detroit-based company reported Q3 adjusted EPS of $1.72 blowing away expectations for $1.45. Revenue rose 10.3% from last year to $42.83 billion, also easily topping Wall Street’s $37.48 billion estimate.
GM highlighted its strong results in China, noting that deliveries increased 9% in the third quarter to a record 2.7 million vehicles. In terms of sales, GM sold 2.4 million vehicles globally in Q3, up 3.8% from last year. Year-to-date, the company has now sold 7.2 million vehicles around the world.
Looking ahead, GM said it now sees full-year EPS at the high end of its previously announced $5.50 to $6.00 range. Analysts are looking for $5.84 per share for the year.
The company commented via press release:
“Our record third quarter, led by strong performance in the U.S. and China, reflects our determination to deliver on our commitments. We will continue executing our plan to deliver earnings that enhance shareholder returns.”
– Mary Barra, Chairman & CEO
“Strong bottom line performance this year puts us solidly on track to deliver on our annual earnings outlook, and our cash generation has allowed us to complete our initial share buyback ahead of schedule.”
– Chuck Stevens, Executive Vice President and CFO
General Motors shares rose $0.22 (+0.67%) to $33.20 in premarket trading Tuesday. Prior to today’s report, GM had fallen 3.03%, versus a 5.4% gain in the benchmark S&P 500 index during the same period.