GM 3Q profit up on US sales, says it's handling headwinds
General Motors’ third-quarter net profit rose 36.7% as vehicle sales began to rebound from persistent parts supply chain troubles
DETROIT (AP) — General Motors' third-quarter net profit rose 36.7% as vehicle sales began to rebound from persistent parts supply chain troubles.
The Detroit automaker on Tuesday reported earnings of $3.3 billion from July through September, compared with $2.42 billion a year earlier.
The increase was fueled largely by a 24% sales increase in the U.S., by far GM’s most profitable market. The company said it is seeing improved supplies of computer chips, allowing it to build more vehicles and increase inventory on dealer lots.
It's also selling more expensive pickup trucks and large SUVs. That boosted revenue for the quarter by 56% to a record $41.89 billion. The figure still fell short of Wall Street estimates. Analysts polled by FactSet expected $42.1 billion.
