General Motors Q3 earnings beat estimates

Carmaker General Motors beat Wall Street estimates with its third-quarter earnings and revenues on Wednesday and said its full-year results were now on track to be at the "high end" of previous guidance.

General Motors posted adjusted earnings of $1.52 per share, ahead of estimates for a print of $0.96, while revenues also beat estimates of $26.51bn at $26.78bn despite an ongoing global shortage of semiconductor chips.

Chief executive Mary Barra said: "Our third-quarter 2021 results clearly illustrate the strength of the underlying business that is funding our future, especially when you put them in the context of the calendar year."

On an unadjusted basis, net income was $2.4bn for the third quarter, down from $4.0bn a year earlier, while pre-tax adjusted earnings of $2.9bn were also down from $5.3bn at the same time twelve months ago.

Looking ahead, GM's guidance for the full year includes adjusted earnings of between $11.5bn and $13.5bn, or $5.40 to $6.40 per share.

As of 1355 BST, General Motors shares were down 2.21% in pre-market trading at $56.10 each.