DETROIT, MI — Despite what analysts describe as a sluggish auto market, Detroit-based General Motors beat Wall Street earnings expectations on Tuesday with the release of its third-quarter net income of $3.056 billion, down just 0.3% year over year, on revenue of $48.757 billion, up 10.5%.
The Detroit automaker has maintained strong pricing and lower incentive spend, according to analysts, despite increasing domestic competition and changing consumer behavior overseas. GM’s full-size pickups had a positive third quarter with their best year-to-date total sales since 2007, the automaker said.
For the months of July through September, GM reported adjusted earnings before interest and taxes of $4.1 billion, up 15.5% year-over-year. GM’s adjusted earnings per share of $2.96 was above the average Wall Street estimate of $2.43, according to the automakers’ Q3 report.
The Lansing area is home to GM’s Lansing Car Assembly Plant – near downtown Lansing – and another manufacturing plant in Delta Township.
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