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GM
said on Tuesday that it expected full-year results would be on
the "high end" of its previous forecasts of $5.50 to $6.00 a
share. Rival Ford Motor Co in July warned that a slowing U.S.
auto market would put its full-year profit forecast at risk.
GM's results and its outlook depend primarily on strong U.S. and
Chinese economies. The company said it lost money in Europe,
South America and in Asian markets outside of China.
The loss in Europe came to about $100 million in the third
quarter. GM affirmed its forecast of break-even results from
that market this year despite a projected $400 million hit
during the second half of the year from the post-Brexit decline
of the British pound.
Still, Chief Financial Officer Chuck Stevens told reporters that
meeting the forecast for Europe this year would be "very, very
challenging."
GM shares were up 1 percent at $33.30 in premarket trading.
Overall, GM said third-quarter net income more than doubled to
$2.8 billion, or $1.76 a share, from a year earlier.
Excluding a $110 million gain from litigation, earnings of $1.72
a share beat the analysts' average estimate of $1.45, according
to Thomson Reuters I/B/E/S.
(Reporting by Bernie Woodall; Editing by Lisa Von Ahn)
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