General Motors reports third-quarter revenue of nearly $49 billion, Chevrolet Equinox

ICE-powered Equinox attracts younger buyers, with average transaction price soaring to around $6,000

General Motors Co. announced third-quarter results, which investors welcomed, with the company’s stock price rising nearly 10% to close at $53.73 per share. That’s nearly a 52-week high, and the strong performance was driven by a series of positive developments.

Looking directly at the numbers, the automaker reported third-quarter revenue of $48.8 billion and net income attributable to shareholders of $3.1 billion. This impressive performance prompted the company to raise full-year guidance, as they now expect diluted earnings per share to be in the range of $9.14 to $9.64, up from the previous estimate of $8.93 to $9.93. The company also expects full-year net income attributable to shareholders to be $10.4 billion to $11.1 billion, instead of $10 billion to $11.4 billion.

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GM CEO Mary Barra said in a letter to shareholders that they achieved success in the third quarter through “above-average pricing, well-managed inventory and below-average incentives.” Increased U.S. retail market share quarterly. The executive also pointed to improved sales in China and continued progress on electric vehicle production and profitability targets. Speaking of the latter, she said: “We are focused on optimizing our ICE margins and working hard to make our electric vehicles profitable on an EBIT basis as soon as possible.”

Since most financial affairs are a snooze-fest, let’s take a look at some interesting tidbits. One of the key points GM wants to emphasize is its leadership in full-size trucks and SUVs. They are the “#1 full-size pickup truck” and are enjoying their best annual sales total since 2007. General Motors’ position is quite dominant as they have a 44% share of the full-size truck retail market.

That pales in comparison to their overwhelming leadership in the full-size SUV segment, as the company controls 64% of the market. Their position will become even stronger as facelifted versions of the Chevrolet Tahoe/Suburban, GMC Yukon and Cadillac Escalade begin arriving at dealers in the fourth quarter.

The company continues to tout its new product range as having higher profit margins than its predecessors. These vehicles include the Chevrolet Equinox and GMC Terrain as well as the larger Buick Enclave, Chevrolet Traverse and GMC Acadia. Consumers also like the value-focused Buick Envista and Chevrolet Trax.

Barra detailed the situation on the earnings call, saying: “We are on track to produce and wholesale approximately 200,000 electric vehicles in North America this year and have our portfolio… be profitable this quarter.” She added The ICE-powered Equinox is popular, with average transaction prices soaring to about $6,000, and the model is attracting younger consumers, he said.

The executive also mentioned that things are heating up at Hyundai as the two companies are making “good progress” on specific areas of cooperation. She went on to say that they are “close to finalizing our first final agreement and we hope to have something to share soon.”