# General Motors Co. Surpasses Earnings Estimates for Q3
General Motors Co.’s stock (GM, -1.48%) experienced a 2.5% rise early on Tuesday following the car maker’s impressive performance in the third quarter. With a net income of $3.064 billion for the quarter, equivalent to $2.20 per share, General Motors outperformed its income of $3.305 billion, or $2.25 per share, from the same period last year. Adjusted per-share earnings stood at $2.28, well above the FactSet consensus of $1.87. The company’s revenue surged to $44.131 billion, exceeding last year’s $41.889 billion and surpassing the FactSet consensus of $42.482 billion.
Strong Profitability Across all Regions
In a letter to shareholders, Chief Executive Mary Barra expressed her satisfaction with the company’s performance: “We were profitable in every region, including China.” Barra also mentioned that GM International, excluding China, is on track to achieve significantly higher adjusted earnings before interest and taxes (EBIT) in 2023 compared to the previous year.
Progress Amidst Workforce Strike
Barra addressed the ongoing strike led by the company’s union-backed workers. She stated that the current offer made by GM to the UAW (United Auto Workers) is the most substantial proposal in the history of the company. Moreover, she highlighted that the majority of the workforce will receive $40.39 per hour, equaling an annual salary of approximately $84,000 by the end of the agreement’s term.
Stock Performance and Outlook
The company’s stock has experienced a 13% decline year-to-date (YTD), while the S&P 500 (SPX, -0.17%) has seen a 9.8% increase.
Stay tuned for more updates on General Motors Co.’s progress and future prospects.