DETROIT (AP) — General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months after losing money due to the virus outbreak.
GM’s adjusted earnings were $2.83 per share, easily outpacing Wall Street’s per-share projections of $1.72, according to a survey by FactSet.
Revenue of $35.5 billion also edged out most expectations.
Shares jumped almost 5% before the opening bell Thursday.
The profit reversed an $806 million loss posted by GM in the second quarter as the company restarted factories that were shuttered by the novel coronavirus.
View GM's third-quarter 2020 results below:
- EPS-diluted of $2.78, and EPS-diluted-adjusted of $2.83
- EPS-diluted-adjusted includes a $0.05 gain from Groupe PSA revaluations
- Income of $4.0 billion, and EBIT-adjusted of $5.3 billion
- EBIT-adjusted margin of 14.9 percent
- Revenue of $35.5 billion
- Automotive liquidity of $37.8 billion
- Automotive operating cash flow of $9.9 billion, and adjusted automotive free cash flow of $9.1 billion
- GM North America EBIT-adjusted of $4.4 billion
- GM Financial EBT-adjusted of $1.2 billion