UPDATE 1-GM profit tops estimates, sees strong full year
The Detroit automaker reported third-quarter net income of $2.53 billion, or $1.75 a share, compared with a loss last year of $2.98 billion, or $2.03 a share. Last year's quarter included a charge related to Europe.
Excluding one-time items, GM earned $1.87 a share in the third quarter, easily beating the $1.25 analysts polled by Refinitiv estimates had expected.
Revenue in the quarter rose 6.4 percent to $35.8 billion, above the $34.85 billion analysts had expected.
GM was able to push through higher pricing, mostly in North America, allowing it to benefit by $1 billion in the quarter, offsetting higher commodity costs.
The Detroit automaker said it still sees a full-year profit in the range of $5.80 to $6.20 a share, but said it now expected to finish at the high end of the range with potential to finish even higher. It cited a favorable tax rate and its strong performance.
In July, GM lowered its full-year forecast, citing higher steel and aluminum costs due to tariffs imposed by U.S. President Donald Trump's administration. (Reporting by Joe White and Ben Klayman in Detroit Editing by Nick Zieminski)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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