通用汽车Q3业绩超预期并新增200亿美元回购，但FY26 EPS指引中值低于预期，盘前一度跌约8%

General Motors ( GM ) shares struggled to gain traction in Tuesday’s premarket trading as disappointment over FY26 profit guidance and rising input costs overshadowed a third-quarter earnings beat and a $20B multiyear share buyback announcement. Shares were down as much as 7% into Tuesday’s open. Ford ( F ) and Stellantis ( STLA ) were also trading defensively. Despite lingering pressure on its electric vehicle business and a 60% decline in Chinese sales, GM revenue improved 2.9% during the quarter to $50.02B, beating expectations by $1.26B. The modest increase in sales coupled with lower costs bolstered GM’s ( GM ) adjusted operating profit by 43%, resulting in earnings of $3.70 per share, up 32% year-over-year and beating expectations by 7 cents. Earnings adjusted for interest expenses and taxes reached $4.1B, beating expectations of $4.02B. GM’s fleet sales continued to lead the industry, rising 10% year over year. The automaker also reported a 13% increase in Chevy Trax sales and an 8% gain in Buick sales, driven by strong demand for its smaller SUVs, including the Envista and Encore GX. Looking ahead to the remainder of the year and into 2027, GM ( GM ) is betting on its truck division to be a “big driver of incremental Super Cruise adoption and digital revenue,” GM CEO Mary Barra wrote to shareholders. She also noted the increased investments in autonomous technology for the highway, starting with the Cadillac Escalade IQ in 2028, improved battery technology, and expanding on its relationships within the defense industry. For FY26, GM ( GM ) now expects to earn a profit between $12.75 and $13.75 versus an earlier range of $12 and $14. The $13.25 midpoint of the new range, however, still comes in below the consensus estimate of $13.42. The company’s adjusted EBIT range was narrowed to $14.5B and $15.5B compared to $14.0B and $16.0B previously, while adjusted automotive free cash flow is now expected to be between $11.5B and $12.5B from $9.5B and $11.05B previously. With the completion of its $6B share repurchase agreement in January of this year, GM ( GM ) will now buy back another $20B in shares. GM also announced today that its Board of Directors has declared a quarterly cash dividend on the company's outstanding common stock of $0.18 per share, payable December 17, 2026, to holders of the company's common stock at the close of trading on December 4, 2026.