US Stocks: GM's core profit rises 22% on strength of pickup-truck business
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓General Motors reported a 22% rise in core profit to $4.1 billion for the third quarter.
- ✓Strong demand for pickup trucks helped the company beat analyst expectations.
- ✓GM also started a $20 billion stock buyback program.
Story at a Glance
- Category
- MARKET
- Reported By
- Economic Times
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
General Motors exceeded analyst expectations in third-quarter earnings, driven by robust demand for their pickups and SUVs. The company reported an adjusted EBIT of $4.1 billion, marking a 22% year-over-year increase. Despite facing inflationary challenges, GM forecasts an adjusted EBIT of $14.5 billion to $15.5 billion by 2026. Additionally, a $20 billion stock buyback program was initiated to bolster share value.
General Motors' third-quarter results easily beat analyst expectations on the back of resolute shoppers who continue to spring for pricey pickups and SUVs.
The company on Tuesday said quarterly earnings before interest and tax, not including one-time items (adjusted EBIT) rose 22% from a year earlier, to $4.1 billion. That amounted to $3.70 per share, topping analyst expectations of $3.63, according to LSEG data.
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Economic Times
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