Investing.com - U.S. automaker General Motors (N:GM) reported better-than-expected third quarter earnings ahead of Wednesday’s opening bell, sending its shares higher in pre-market trade.
General Motors said adjusted earnings per share came in at $1.50 in the three months ended September 30, easily surpassing expectations for earnings of $1.19 per share.
On an unadjusted basis, the company announced third-quarter net income of $1.4 billion or $0.84 per diluted share, compared to $1.4 billion or $0.81 per diluted share a year ago.
Improvement in operating performance during the quarter was offset by a net loss from special items.
Year to date through the third quarter, adjusted earnings per share was $3.63, up 96% compared to the prior year.
The automaker’s third quarter revenue totaled $38.8 billion, beating forecasts for revenue of $38.4 billion and compared to sales of $39.3 billion in the same period a year earlier. The change in net revenue is more than attributed to a negative net foreign currency exchange impact.
"These results reflect our work to capitalize on our strengths in the U.S. and China, while taking decisive, proactive steps to mitigate challenges elsewhere," said GM CEO Mary Barra.
Following the release of the report, GM shares rose $1.31, or 3.91%, in pre-market trade to $34.90 from a closing price of $33.49 on Tuesday.
Meanwhile, U.S. stock futures pointed to a higher open. The Dow futures rose 89 points, or 0.52%, the S&P 500 futures tacked on 10 points, or 0.49%, while the Nasdaq 100 futures advanced 21 points, or 0.47%.