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(Sharecast News) - Automotive giant General Motors posted higher thirdquarter profit and revenues on Tuesday despite selling fewer vehicles, as stronger pricing, mix and cost controls helped offset softer demand in parts of its lineup.
General Motors reported net income of $3.34bn, up from $1.33bn a year earlier, with earnings per share rising to $3.73. Adjusted EPS came in at $3.70, a touch above consensus, while revenues rose 2.9% to $50.02bn, ahead of analyst forecasts.
The Detroit-based company previously disclosed that Q3 unit sales fell 5.5%, hit by discontinued models, weaker EV demand and softer appetite for some large SUVs as elevated fuel prices pushed buyers toward smaller vehicles.
GM narrowed its fullyear underlying earnings outlook to $14.5bn to $15.5bn, from $14bn-$16bn previously, and trimmed its 2026 adjusted earnings per share range to $12.75 to $13.75, compared with $12 to $14 before. GM now expects reported EPS of $9.72 to $10.72, up from $8.98 to $10.98.
GM also announced that it had completed a $6bn buyback launched in January and approved a new $20bn multiyear repurchase programme.
As of 1325 BST, General Motors shares were down 6.98% in pre-market action at $76.97 each.
Reporting by Iain Gilbert at Sharecast.com
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