General Motors (NYSE:GM) shares rose more than 6% since the company’s reported Q3 results yesterday morning, with EPS of $2.25 coming in better than the Street estimate of $1.89. Revenue was $41.89 billion, better than the Street estimate of $41.72 billion.
According to the analysts at Deutsche Bank, the company’s solid Q3 beat leaves it on track to reach the mid-point of its reiterated full-year EBIT guidance of $13-$15 billion. Even though the quarter benefitted from the company delivering approximately 75% of the previously work-in-progress inventory which was a high-margin truck mix (vs 50% guided previously), the analysts mentioned that some of the outperformance also came from other parts of the business.
The company expects full 2022-year EPS to be in the range of $6.50-$7.50, compared to the Street estimate of $6.79.