GM Stock Rises 10% on Strong Q3 Earnings

General Motors (NYSE:GM) saw its stock climb over 10% intra-day today after reporting third-quarter earnings that beat analyst expectations. The automaker's performance was bolstered by strong revenue growth and improved profitability across its operations.

GM posted adjusted earnings per share (EPS) of $2.96, surpassing the Street estimate of $2.40. Revenue reached $48.76 billion, well above the projected $44.74 billion and marking a 10.5% year-over-year increase.

The company's EBIT-adjusted grew 15.5% year-over-year to $4.1 billion, with an EBIT-adjusted margin of 8.4%, up slightly from last year. North American operations were a key contributor, delivering an EBIT-adjusted of $3.98 billion, up 12.9% year-over-year.

Buoyed by its robust quarterly performance, GM raised its full-year 2024 guidance. The automaker now expects EBIT-adjusted between $14 billion and $15 billion, compared to its prior forecast of $13 billion to $15 billion. GM also increased its adjusted EPS outlook to a range of $10.00 to $10.50, surpassing the Street consensus of $9.97.