General Motors Company (NYSE:GM) stock was down on Tuesday following the release of its earnings report for the third quarter of 2016.
General Motors Company reported revenue of $42.8 billion for the third quarter of 2016. This is a roughly 10% increase over the $38.8 billion in revenue from the same time last year. Wall Street was expecting the company to report revenue of $39.29 billion for the quarter.
General Motors Company reported earnings per share of $1.76 for the third quarter of the year. This is more than double the earnings per share of 84 cents that the company reported in the third quarter of 2015. It also came in above the $1.45 analysts were looking for.
GM’s net income for the third quarter of 2016 was $2.77 billion. Net income reported by the car manufacturer from the same time in the year prior was $1.35 billion. Operating income for the quarter was $3.02 billion, which is up from the $997 million reported a year ago.
While General Motors Company saw positive results in the United States, it suffered in other areas of the world. The company reported losses of $142 million in Europe and $121 million in South America during the third quarter of 2016.
General Motors Company also completed a share buyback plan during the third quarter of 2016. It has spent $1.5 billion on repurchases and $1.8 billion on dividends so far in 2016. This has it completing its $5 billion buyback program one quarter earlier than it expected.
General Motors Company also said that it expects earnings per share for the full year of 2016 to be on the high end of its current guidance. The company is looking for earnings per share between $5.50 and $6.00 for the year.
GM stock was down 3% as of Tuesday morning.
