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General Motors Boosts FY21 Outlook As Q3 Results Top Estimates - Quick Facts

Automaker General Motors Co. (GM) on Wednesday reported third-quarter net income attributable to shareholders of $2.42 billion or $1.62 per share, lower than $4.05 billion or $2.78 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $1.52 per share, compared to $2.83 per share in the year-ago quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.96 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter decreased to $26.78 billion from $35.48 billion in the same quarter last year. Analysts expected revenue of $26.51 billion for the quarter.

The company's results were driven by strong price and mix performance in North America, the benefit of its recall cost recovery agreement with LG Electronics and the continued strong financial results at GM Financial.

Looking ahead, the company said it is on track to deliver full-year 2021 EBIT-adjusted earnings approaching the high end of its guidance range.

For fiscal 2021, the company now projects earnings in a range of $5.52 and $6.52 per share and adjusted earnings in a range of $5.70 to $6.70 per share, up from the prior forecast range of $5.40 to $6.40 per share. The Street is looking for earnings of $6.25 per share for the quarter.

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