(Bloomberg) -- General Motors Co. signaled solid US demand for its highest-margin vehicles even as the broader market softens, posting better-than-expected results for the latest quarter and raising the low end of its full-year profit forecast.

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The carmaker on Tuesday shored up its 2024 adjusted earnings before interest and taxes forecast to at least $14 billion, up from the minimum of $13 billion it had previously projected.

While some rival automakers are cutting prices and boosting incentives to reduce inventory, GM has been able to hold the line on high-demand vehicles like its gas-powered GMC Yukon SUV and Chevy Silverado pickup. Profits from those models more than offset losses from a growing electric vehicle business and continued red ink in China.

“Our year-over-year performance has been very strong,” Chief Financial Officer Paul Jacobson said on a call with reporters. “We’ve been able to grow retail share with above average prices, below average incentives and well managed inventory. This has put us in a position to update guidance once again.”

Industry-wide US new vehicle sales have fallen for the past two quarters, with the decline accelerating to 1.9% in the most recent three-month period. High sticker prices and financing costs are dissuading some would-be buyers. But GM has been able to maintain its margins with a combination of price discipline and well-managed inventories.

In the quarter ended Sept. 30, GM said its net income came in flat at $3 billion, or $2.96 a share on an adjusted basis, up from $2.28 a year ago and also above the $2.45 per share average of analyst estimates compiled by Bloomberg.

Shares of the company rose 8.2% — the biggest jump in nine months — to $52.95 as of 9:45 a.m. in New York. The stock is up about 47% this year.

GM hiked its adjusted automotive cash flow guidance for all of 2024 to a range of $12.5 billion to $13.5 billion, a significant boost from a prior projected high of $11.5 billion. With that kind of cash expected to come in, it has stepped up stock buybacks, repurchasing almost 250 million shares over the past year.

That’s a big reason for the per-share adjusted earnings beat and gains from a year ago, the company said. On a net basis, the carmaker actually trimmed the high end of its full-year outlook slightly by $300 million to $11.1 billion.