General Motors Q3 Profit Beats Views, Shares Gain

Shares of General Motors Company GM surged over 4 percent in pre-market trading after the company reported stronger-than-expected results for the third quarter on Wednesday. The Detroit, Michigan-based company posted quarterly earnings of $1.4 billion, or $0.84 per share, versus $1.4 billion, or $0.81 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings surged 55 percent to $1.50 per share. Its revenue slipped to $38.8 billion from $39.3 billion. However, analysts were expecting earnings of $1.19 per share on revenue of $38.55 billion. The average estimate among 77 Estimize users was for earnings of $1.17 per share and revenue of $38.66 billion. GM North America posted EBIT-adjusted of $3.3 billion, while GM Europe posted EBIT-adjusted of $(0.2) billion. The company ended the latest quarter with total automotive liquidity of $34.0 billion, and $21.9 billion in automotive cash and marketable securities. "These results reflect our work to capitalize on our strengths in the U.S. and China, while taking decisive, proactive steps to mitigate challenges elsewhere," said GM CEO Mary Barra. "GM is a vastly different company today than just five years ago. We're building a strong foundation, driving earnings growth in our core business and executing a plan to lead the future of personal mobility, all with the aim of creating shareholder value for years to come." GM shares gained 4.15 percent to $34.87 in pre-market trading.