General Motors reported its second-quarter earnings surged 59%, and the company raised its full-year profit outlook.
The company said its adjusted earnings reached $2.7 billion, or $1.91 a share. That's up from the $1.7 billion it reported a year earlier. Analysts surveyed by Refinitiv had been forecasting earnings per share of $1.85 in the quarter.
The company also said it now expects to earn between $9.3 billion to $10.7 billion for the full year, significantly higher than its previous outlook of earnings between $8.4 billion $9.9 billion.
Those earnings forecasts could be derailed though if the company is hit with a strike by the United Auto Workers union. The current labor pact expires September 14, and talks are already off to a contentious start.
UAW President Sean Fain said the union is prepared to strike if the company does not meet its demands. A six-week strike against GM in the last round of talks in 2019 cost the company a reported $2.9 billion.
Shares rose in premarket trading.
This is a developing story. It will be updated
