GM Q3 Profits Double As Unprofitable EV Sales Plummet And Cash Cow Pickup Sales Increase

GM posted third quarter results before the bell that topped estimates, tightened its full-year profit outlook instead of boosting it, but issued shareholders a new $20 billion share repurchase program instead.

 

For the quarter, GM posted Q3 revenue of $50.0 billion, up 2.9% from a year ago and above the $48.52 billion Bloomberg consensus. GM posted adjusted EPS of $3.70 vs $3.57 estimated, with adjusted EBIT coming in at $4.1 billion, ahead of the $4.02 billion expected and up nearly 22%.