General Motors Is Making Money Again. Is the Stock a Buy?
General Motors (NYSE: GM) crushed it on earnings when it released third-quarter 2022 financial results on Tuesday.
Reporting $2.25 per share in profits and $41.9 billion, GM fell short of analyst projections for quarterly sales (Wall Street had expected to see $42.2 billion). Regardless, the profit GM reported was a full 20% ahead of expectations, sparking a mini-rally in GM stock. It rose 3.6% on earnings day, and a total of 6.8% in the three trading days since earnings came out.
The bump in stock price was not surprising, because GM delivered a whole lot more than just an "earnings beat" on Tuesday. Sales for the quarter surged an astounding 56% year over year. Vehicle sales by unit grew 17% year over year to 1.5 million, with the fastest growth being in South America (sales up 86%) and the greatest absolute growth in the all-important North American market -- 663,000 vehicles sold, for 27% year-over-year growth.
Source Fool.com
