General Motors Company (NYSE:GM) shares soared more than 8% after the automaker’s third quarter earnings crushed expectations.
Revenue for the period was $48.8 billion, up 10.5% year-over-year and ahead of estimates of $44.3 billion.
Adjusted earnings per share (EPS) of $2.96 surged almost 30% from the year-ago quarter. Wall Street analysts had pegged EPS at $2.49.
“In the third quarter, we grew US retail market share with above-average pricing, well-managed inventories and below-average incentives,” GM CEO Mary Barra said in a letter to shareholders. “In China, sales improved from the second quarter, and dealer inventory fell sharply.”
The company also updated its full-year earnings guidance, raising its adjusted EPS forecast range from $9.50 to $10.50 to now expect $10 to $10.50.
Net income is expected to be in the range of $10.4 billion to $11.1 billion, compared to earlier guidance of $10 billion to $11.4 billion.
It now expects adjusted earnings before interest and taxes (EBIT) in the range of $14 million to $15 million and capital spending between $10.5 billion and $11.5 billion.
Shares of GM added 8.3% at about $53 in early trade on Tuesday.