General Motors (NYSE: GM) reported better than expected third quarter earnings on Thursday as a result of positive truck and SUV sales in North America. Shares rose 7% in premarket trading before settling at approximately 6%.
The company reported an adjusted earnings per share of USD2.83 in comparison to the expected USD1.38 collected by Refinitiv. Revenue amounted to USD35.48 Billion compared to analysts anticipated USD35.51 Billion.
“We entered the pandemic in a strong position and acted decisively to keep our teams safe, conserve cash and preserve liquidity, all while keeping our critical product programs on track,” CEO Mary Barra said in a statement. “Now we are well positioned to meet rising customer demand, accelerate our transformation and deliver our vision of a world with zero crashes, zero emissions and zero congestion.”
However, GM has opted not to provide an outlook for the year, acknowledging that there are too many changing factors such as the possible stimulus and the ongoing coronavirus pandemic. Nevertheless, Barra cited that the fourth quarter is not expected to be as good as the third quarter. She did briefly touch on the presidential election and its possible effects.
“When we look at the election, we think the extended length of time to finalize the vote count was anticipated given the unique circumstances coming into this election,” Barra said during a media call Thursday morning. “There are a lot of moving pieces right but we’re hopeful that we’ll continue to have a strong recovery that we’ve seen in the United States and in China.”
Barra revealed that the company is ramping up the production of its trucks and said that an announcement will be released “very shortly.”