General Motors (NYSE:GM) reported robust third-quarter earnings, exceeding Wall Street expectations with an earnings per share (EPS) of $2.96 and EBIT of $4.1 billion on sales of $48.8 billion. Analysts, according to FactSet, had anticipated an EPS of $2.45 and an operating profit of $3.3 billion from $44.7 billion in sales. The company ended the quarter with a diluted share count of 1.12 billion, down 19% compared to the previous year.

Despite achieving 10.5% YoY revenue growth, General Motors faced challenges in maintaining its market share, which fell to 8.1% from 9%. While the company retained its 16.5% market share in the U.S. and expanded in other North American markets, it saw a decline in China, where its market share fell from 8.3% to 6.5%.

In light of the strong performance, General Motors raised its full-year 2024 earnings guidance, adjusting net income projections from a previous range of $10-$11.4 billion to $10.4-$11.1 billion. The most notable update came in automotive operating cash flow, which increased from $19.2-$22.2 billion to $22-$24 billion. Additionally, free cash flow guidance saw a significant boost, with a new midpoint of $13 billion, up from the prior $10.5 billion.

On the innovation front, General Motors drivers now have access to approximately 18,000 Tesla (TSLA) Supercharger stations, enhancing connectivity with over 232,000 public Level 2 and DC fast chargers in the U.S. and Canada. It also announced a partnership to deploy Cruise vehicles on the Uber (UBER) platform by the first half of 2025, signalling its commitment to expanding its autonomous driving ambitions.

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This article first appeared on GuruFocus.