General Motors Co. (NYSE: GM) has been one of the greater American auto manufacturers for a while, but quite a few investors have lost faith in the company after it has lost about 5% this year leading into earnings. However, this company hit the accelerator when it reported earnings for its second quarter. Not to mention it also reported its first profits in Europe in the past five years. Could this quarter be the turning point for GM?

The company said that it had $1.86 in earnings per share (EPS) on $42.4 billion in revenue. Thomson Reuters consensus estimates were $1.52 in EPS on revenue of $38.91 billion. In the same period of last year, GM said it had EPS of $1.29 and $38.18 billion in revenue.

In terms of the outlook for the 2016 full year, the company expects to have EPS in the range of $5.50 to $6.00, up from the previous range of $5.25 to $5.75. The consensus estimates are calling for $5.65 in EPS on $155.46 billion in revenue.

GM sold 2.4 million vehicles globally in the second quarter of 2016, about equal to the second quarter of 2015. Through June 30, the company sold 4.76 million vehicles globally.

Domestically, GM sold 1.44 million vehicles in the first half, which included a retail sales increase of more than 1%. U.S. retail market share rose 0.4% through June, the largest retail share gain of any full-line automaker. In China, GM and its joint ventures delivered a record 1.81 million vehicles during the first half of the year, an increase of 5.3%. In Europe, Opel/Vauxhall outperformed the industry with a 7% sales increase to 621,000 vehicles in the first half of the year.

Mary Barra, chairman and CEO of GM, commented:

This was an outstanding quarter for GM. Our results were generated by strong retail sales in the U.S., record sales in China and a continued emphasis on improving the performance of our operations worldwide. We’ll continue to focus on driving profitable growth and leveraging our technical expertise to lead in the future of personal mobility.

For the quarter, automotive cash flow from operating activities was $5.0 billion, with an adjusted automotive free cash flow was $3.2 billion.

Shares of GM traded up 3% at $32.52 Thursday morning, with a consensus estimate of $36.20 and a 52-week trading range of $24.62 to $36.88.

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