General Motors latest earnings show net income doubling
General Motors, owner of Vauxhall and Chevrolet, has announced better than expected results in its third-quarter earnings today.
It announced a net income of $500m (£412m) for the first three quarters of this year, including for the past quarter at $147m. Its costs and expenses were up, but so was its revenue.
Excluding a $110m gain from litigation, earnings of $1.72 a share beat the analysts' average estimate of $1.45, according to Reuters.
Revenue rose 10 per cent to $42.83bn, a quarterly record for the company. That topped analysts’ average forecast of $39.3bn.
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The positive results were put down to strong sales of trucks and SUVs in the US, calming fears of a slowdown in the market. However, the group said it lost money in Europe, South America and some Asian markets.
Earlier this year it said it would be accelerating its investment in driverless cars, purchasing Cruise Automation, and investing in Uber rival Lyft.
Chief financial officer Chuck Stevens told reporters that meeting the forecast for Europe this year would be "very, very challenging" but said it expected its full-year results to be higher than previously expected.
It also said that fallout from the UK’s vote to leave the EU took about $100m from its business in the quarter and that it expects the drag to be $300m in the fourth quarter.
Shares in General Motors have been climbing for the past week. They were trading up to $32.98 at the time of writing.