GM Stock Soars on Huge Q3 Earnings Beat

GM blew away Q3 EPS estimates

GM stock was on the rise Wednesday following the release of its earnings report for the third quarter of 2018.

GM Stock Soars on Huge Q3 Earnings Beat
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General Motors’ (NYSE:GM) earnings report for the third quarter of the year includes earnings per share of $1.87. This is a major increase over its earnings per share of $1.32 from the same time last year. It was also great news for GM stock by easily beating out Wall Street’s earnings per share estimate of $1.25 for the quarter.

Net income reported in the General Motors earnings report for the third quarter of 2018 came in at $2.53 billion. This is better than the company’s net loss of $2.98 billion reported in the third quarter of 2017.

During the earnings report for the third quarter of the year, General Motors reported operating income of $1.61 billion. The automotive company reported operating income of $1.58 billion for the same period of the year prior.

General Motors also reported revenue of $35.79 billion for the third quarter of 2018. This is up from the company’s revenue of $33.63 billion that was reported in the third quarter of the previous year. It was also a boon to GM stock by coming in above analysts’ revenue estimate of $34.85 billion for the period.

GM notes that strong vehicles sales in the third quarter of the year was behind its strong earnings report. This includes shipping a total of 700,000 vehicles in the U.S. during the quarter. It also saw vehicle shipments in China come in at 836,000.

GM stock was up 7% as of Wednesday morning, but is down 19% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/10/gm-stock-soars-on-earnings-beat/.

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