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General Motors (NYSE:GM) advanced to the highest in nearly four months after the largest U.S. automaker posted record quarterly earnings before charges for the third quarter.
Strong demand for trucks in North America and improved profit margins in China helped make up for the company's declining revenues.
Shares rose $35.18, up 5.1%, at 11:09 a.m. in New York, after reaching $35.25, the highest intraday price since June 25.
Net income was $1.36bn, or $0.86 per share, in the September quarter, flat with the same period a year ago, the Detroit, Michigan-based company said in a statement on Wednesday.
Adjusted earnings per share were $1.50, topping the $1.19 average of 16 analyst estimates compiled by Capital IQ.
“These results reflect on our work to capitalize on our strengths in the U.S. and China,” Chief Executive Officer Mary Barra said in the statement. “GM is a vastly different company today than it was five years ago.”
Revenue fell to $38.8bn from $39.3bn year-over-year, but topped the Wall Street consensus of $38.55bn.
General Motors said it sold 251,310 cars and trucks during September.