Investing.com - General Motors (NYSE:GM) reported better than expected third-quarter earnings and revenue ahead of Wednesday’s opening bell, sending its shares higher in pre-market trade.
The largest U.S. automaker earned $1.87 a share on revenue of $35.8 billion in the June-Sept. period. Analysts expected the automaker to bring in a profit of $1.24 a share. The revenue target was $35.3 billion.
The solid third-quarter performance reflected profitability in all core operating segments. Strong results in North America were driven by all-new full-size trucks, and crossovers. GM China equity income and GM Financial EBT were third-quarter records.
"Our third-quarter performance demonstrates our determination to manage risks and deliver strong business results," GM Chief Executive Mary Barra said in a statement.
GM also said its full-year earnings outlook would come in at the high end of its forecast due to strong demand in North America.
The Detroit automaker said it still sees a full-year profit in the range of $5.80 to $6.20 a share, but said it now expected to finish at the high end of the range with potential to finish even higher. It cited a favorable tax rate and its strong performance.
Following the release of the report, GM shares jumped around 10% in pre-market trade to $36.90.