GM beats on Q3 earnings, raises profit forecast for 3rd time this year

Published On Oct 22, 2024, 6:30 AM

General Motors (GM) reported strong Q3 earnings, exceeding revenue and profit expectations. They generated $48.78 billion in revenue, beating estimates of $44.69 billion. Adjusted earnings per share came in at $2.96, surpassing the forecasted $2.44. GM raised its full-year profit forecast for the third time this year, projecting EBIT adjusted profits between $14 billion to $15 billion and diluted adjusted EPS between $10.00 and $10.50. Despite a slight decrease in vehicle deliveries, sales of their electric vehicles are on the rise, reflecting progress in this segment as GM aims for profitability in their EV operations.

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Positive

With GM's strong earnings report and revised profit guidance, investor sentiment is likely to remain positive. The robust performance, especially in EV sales and overall revenue growth, positions GM favorably amid competitive pressures in the automotive market.

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