GM sidesteps economic headwinds; Q3 profit jumps nearly 37%

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — General Motors’ third-quarter net profit rose 36.6% as vehicle sales began to rebound from persistent parts supply chain troubles. The Detroit automaker said it made $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 for the quarter 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. Excluding one-time items, GM made $2.25 per share, beating estimates of $1.88. GM reiterted its full-year guidance for full-year net income of $9.6 billion and $11.2 billion. GM still expects pretax income of $13 billion to $15 billion.