GM smashes quarterly profit estimates

Big trucks...

that's how General Motors smashed third-quarter earnings estimates.

The automaker posted profits Thursday that were more than double Wall Street forecasts.

The big beat was largely driven by renewed demand for new trucks and SUVs in the United States, as well as a pick-up in China sales.

GM, however, is still coping with the negative effects of the global health crisis....quarterly sales were down double digits compared to the same time last year.

But GM said sales improved each month during the quarter.

In fact, China saw its first quarterly sales growth in two years. GM is optimistically looking ahead to the typically strong holiday-buying season in the U.S.

Shares of GM rallied 5 percent on the news.