GM Reports Q3 Revenues Of Nearly $49 Billion, Chevy Equinox Appears To Be A Hit

                                        https://www.carscoops.com/author/mikecarscoops-com/                                    

General Motors has released their third quarter results and investors were loving it as the company’s stock shot up nearly 10% to close at $53.73 per share. That’s nearly a 52-week high and the strong performance was fueled by an assortment of positive developments.

Jumping right into the numbers, the automaker reported third quarter revenues of $48.8 billion as well as a net income attributable to stockholders of $3.1 billion. This impressive performance pushed the company to raise their full year guidance as they’re now expecting diluted earnings per share in the range of $9.14 – $9.64, which is up from the previous estimate of $8.93 – $9.93. The company also expects their full year net income attributable to stockholders to be $10.4 billion – $11.1 billion, instead of $10.0 billion – $11.4 billion.

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In a letter to shareholders, GM CEO Mary Barra said they grew U.S. retail market share in the third quarter with “above-average pricing, well-managed inventories, and below-average incentives.” The executive also pointed to improved sales in China as well as continued progress on EV production and profitability targets. Speaking of the latter, she said “we are focused on optimizing our ICE margins and working to make our EVs profitable on an EBIT basis as quickly as possible.”

Since most of the financial stuff is a snooze fest, let’s look at some interesting tidbits. Among the key points GM wanted to hammer home was leadership in full-size trucks and SUVs. They’re “#1 in full-size pickups” and are enjoying the best year-to-date total sales since 2007. GM’s position is pretty dominant as they have a 44% share of the full-size truck retail market.

That pales in comparison to their commanding lead in full-size SUVs as the company controls 64% of the market. Their position is about to get even stronger as facelifted versions of the Chevrolet Tahoe / Suburban, GMC Yukon, and Cadillac Escalade will begin arriving at dealers in the fourth quarter.

The company went on to credit a fresh product lineup that has higher profit margins than their predecessors. These vehicles include the Chevrolet Equinox and GMC Terrain as well as the larger Buick Enclave, Chevrolet Traverse, and GMC Acadia. Consumers have also embraced the value-focused Buick Envista and Chevrolet Trax.

Barra went into more detail during an earnings call, where she said “We are on track to produce and wholesale about 200,000 EVs in North America this year and make our portfolio … profit positive this quarter.” She added the ICE-powered Equinox has been a hit as average transaction prices have shot up around $6,000 and the model is attracting younger consumers.

The executive also mentioned things are heating up on the Hyundai front as the two companies are making “good progress” on specific areas of cooperation. She went onto say they’re “nearing the completion of our first definitive agreement and we expect to have something to share soon.”