: General Motors rises premarket after earnings blow past estimates

General Motors Co.’s stock GM rose 2.5% early Tuesday, after the car maker blew past earnings estimates for the third quarter. The company had net income of $3.064 billion, or $2.20 a share, for the quarter, after income of $3.305 billion, or $2.25 a share, in the year-earlier period. Adjusted per-share earnings came to $2.28, well ahead of the $1.87 FactSet consensus. Revenue rose to $44.131 billion from $41.889 billion a year ago, also ahead of the $42.482 billion FactSet consensus. “We were profitable in every region, including China,” Chief Executive Mary Barra said in a letter to shareholders. “And GM International excluding China is on track to deliver significantly higher EBIT-adjusted in 2023 compared to a year ago.” Addressing the current strike by the company’s union-backed workers, Barra said the current offer “is the most significant that GM has ever proposed to the UAW, and the majority of our workforce will make $40.39 per hour, or roughly $84,000 a year by the end of this agreement’s term.” The stock is down 13% in the year to date, while the S&P 500 SPX has gained 9.8%.

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