General Motors (GM.US) rose over 8% after it raised its full-year profit guidance.
1min read General Motors (GM.US) shares rose on Tuesday, up more than 8% at the time of writing to $52.9. The company's third-quarter earnings beat analyst expectations as truck and SUV sales of gasoline engines stabilized and the company focused on cutting inventory. Adjusted EPS was US$2.96, topping the US$2.43 expected by analysts. Revenue was US$48.8 billion, up 10.5% YoY, topping the US$44.6 billion expected by Wall Street. Meanwhile, General Motors also raised its full-year profit guidance, topping analyst expectations.
General Motors had initially expected pre-tax profit of US$12 billion-US$14 billion this year and raised its guidance to US$13 billion-US$15 billion in the middle of the year, boosted by strong pricing and consumer spending. On Tuesday, the company further said it expects pre-tax profit of US$14 billion-US$15 billion this year. General Motors also raised its full-year adjusted EPS guidance to US$10-US$10.5 (from US$9.5-US$10.5) and topping the consensus analyst estimate of US$9.97.
