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00:02General Motors reported a sharp increase in third-quarter profit driven by strong pickup
00:07truck sales, but shares fell after its full-year earnings forecast missed analyst expectations,
00:12according to Reuters.
00:13The automaker reported a 22% increase in third-quarter adjusted earnings to $4.1 billion, or $3.70
00:20per share, beating analyst expectations of $3.63.
00:25Revenue rose 2.9% to $50 billion.
00:27Strong pickup truck sales and fewer electric vehicle sales helped boost profits.
00:32GM narrowed its full-year adjusted earnings forecast to between $12.75 and $13.75 per
00:39share, with the midpoint falling below analyst expectations.
00:43Shares fell about 4% in pre-market trading.
00:45The automaker expects about $2 billion in commodity inflation this year, including higher logistics
00:50and computer chip costs.
00:52GM also announced a $20 billion stock buyback program and reiterated expectations for improved
00:57results next year.
00:58For all things money, visit Benzinga.com.
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