SUV Demand; General Motors Blasts Q3 Profit Forecast on Pickup

General Motors said changed diluted earnings for the three months finishing off with September came in at 2.83 per share, up 64.5% from the same period last year and firmly ahead of the Street consensus estimate of $1.38 per share.

Group revenues, General Motors stated, were basically level to a year ago at $35.5 billion and matched analysts' forecasts.

General Motors shares were marked 6.2% higher in pre-market trading Thursday immediately following the earnings release to indicate an opening bell price of $37.43 each, which extended their six-month gain to around 74.8%.

China sales, GM said, rose 12% from a year ago as the world's greatest vehicle market rose up out of COVID-19 lockdowns. Overall sales, GM said, slipped 4% to 1.793 million units.

While Ford shares were marked 1.7% higher in pre-market trading following the GM results at $7.77 each.