Market Updates
GM Q3 Earnings Jump 38%, Reiterated 2022 Outlook
Scott Peters
25 Oct, 2022
New York City
General Motors Company edged up 3.5% to $37.10 after the company reaffirmed its fiscal 2022 earnings outlook and reported better-than-expected third quarter earnings.
GM said third quarter earnings increased to $3.31 billion from $2.42 billion and diluted earnings per share rose to $2.25 from $1.62 a year ago.
Revenues in the quarter soared 56.4% to $41.89 billion from $26.78 billion a year ago and said rising electric vehicles increased its market share to 8%.
GM said Chevrolet Bolt EV and Bolt EUV production is scheduled to increase to 100,000 from 44,000 this year.
GM estimated fiscal 2022 earnings between $9.6 billion and $11.2 billion, and earnings per share between $5.76 and $6.76.
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