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.
GM posted adjusted earnings per share of $2.96, surpassing the analyst consensus of $2.40 by $0.56. Revenue for the quarter reached $48.76 billion, significantly beating the expected $44.74 billion and marking a 10.5% increase YoY.
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.
"GM is delivering our best vehicles ever with strong financial results," said CEO Mary Barra. "But I want to be clear that we are not mistaking progress for winning. Competition is fierce, and the regulatory environment will keep getting tougher."
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.
The automaker's improved outlook reflects its progress in EV profitability, rising sales, and market share growth. GM also cited improved performance in China, despite reporting an equity loss of $137 million in the region for the quarter.
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.