General Motors Co.’s stock (GM) rose 1.5% early Tuesday, after the carmaker blew past earnings estimates for the third quarter.
The company had net income of $3.064 billion, or $2.20 a share, for the quarter, after income of $3.305 billion, or $2.25 a share, in the year-earlier period. Adjusted per-share earnings came to $2.28, well ahead of the $1.87 FactSet consensus.
Revenue rose to $44.131 billion from $41.889 billion a year ago, also ahead of the $42.482 billion FactSet consensus.
“We were profitable in every region, including China,” Chief Executive Mary Barra said in a letter to shareholders. “And GM International excluding China is on track to deliver significantly higher EBIT-adjusted in 2023 compared to a year ago.”
Electric vehicle sales rose 28% from the second quarter after the company produced 32,000 EVs and made the first deliveries of the Chevrolet Blazer EV. It expects further volume increases in the fourth quarter.
Barra also addressed the current strike by the company’s union-backed workers. Workers at GM (GM), Ford Motor Co. (F) and Stellantis NV (STLA) have been on strike since mid-September, in a break with the United Auto Workers tradition of striking at one carmaker at a time. On Monday, the union expanded the strike to a Stellantis factory making Ram pickup trucks.