GM's core profit rises 22% on strength of pickup-truck business

Oct 20 — General Motors' third-quarter results easily beat analyst expectations on ​the back of resolute shoppers who continue to spring for pricey pickups and SUVs.

The company on Tuesday said quarterly earnings ‌before interest and tax, not including one-time items (adjusted EBIT) rose 22% from a year ⁠earlier, to $4.1 billion. That amounted ​to $3.70 per share, topping analyst ⁠expectations of $3.63, according to LSEG data.

The automaker said it expected to end ‌2026 with adjusted ‌EBIT in the range of $14.5 billion to $15.5 billion, narrowed from ⁠previous guidance of $14 billion to $16 ⁠billion. The company said it remained confident despite inflationary pressures from higher logistics and energy costs, tariffs and other expenses.

GM shares fell about 6% in premarket trading.

The company said its board approved a multi-year, $20 billion stock buyback program. GM has bought back ‌about $29.5 billion of its own shares ​since 2023, driving down its overall share count to help its per-share profit results.

GM in the third quarter sold a higher mix of large pickup trucks and fewer electric vehicles, which helped the bottom line. The automaker has been pulling back on sales of EVs, which historically have lost money, following ​the Trump administration's withdrawal of support for them.

Revenue totaled $50 billion, up 2.9% ‌from a year ‌earlier. ⁠In North America, the company's profit margin improved to 8.7%, from 6.2% a year earlier, despite a slight decline in quarterly sales.

GM said "the path forward is more challenging," but reiterated that it expects ‌next year's results to ​be better, assuming continued strong consumer ‌demand and a moderating ⁠of cost ​pressures on commodities and logistics.

(Reporting by Kalea Hall; Editing by Mike Colias, ​Kirsten Donovan)

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