DETROIT — General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months, after a short money-losing stretch as the spread of COVID-19 shut down all U.S. auto factories.
Automakers have sprinted out of their pandemic lockdowns, and GM's big quarter follows similar performances at crosstown rivals Ford and Fiat. All three blew past Wall Street's sales and profit projections.
Last week, Fiat Chrysler reported a $1.4 billion quarterly profit. Ford earned $2.39 billion, triple Wall Street projections.
While shares are down for the year, the stock of all three automakers has surged in the past three months. Shares of General Motors Co. jumped 6% before the opening bell Thursday.
GM's adjusted earnings were $2.83 per share, easily outpacing Wall Street's per-share projections of $1.43, according to a survey by FactSet. Revenue of $35.5 billion was about in line.
The company swung back strongly from a $806 million loss in the second quarter when it was restarting factories shuttered for safety during the early stages of the pandemic.
Auto sales across the globe have bounced back strongly, particularly in China, which has held additional coronavirus outbreaks in check. GM's sales in China jumped 12% in the third quarter, with sales of its Buick and Cadillac brands both rising more than 25%.
In the U.S., GM's most profitable market where the pandemic has gone largely unchecked, sales fell 9.9% in the third quarter compared with a year ago.
