General Motors Co. reported a much better-than-expected quarterly profit on Wednesday and said its full-year profit projections will be at the high end of its estimates thanks to strong demand in North America.
GM shares climbed 7.6% in pre-opening Wall Street operations.
The Detroit-based automaker reported a third-quarter net profit of 2.53 billion dollars, or $ 1.75 per share, compared to a loss of 2.98 billion dollars last year, or 2.03 dollars per share. Last year’s quarter included a charge linked to Europe.
Excluding extraordinary items, GM earned $ 1.87 per share in the third quarter, easily surpassing t
he $1.25 per share expected by analysts polled in a Refinitiv survey.
GM’s revenue for the quarter rose 6.4% to $ 35.8 billion from the $ 34.850 billion projected by analysts.
“Our performance in the third quarter demonstrates our determination to manage risk and deliver strong business results,” GM CEO Mary Barra said in a statement.