===General Motors (GM) reported earnings on Tue 25 Apr 23 (b/o)

 

General Motors beats by $0.48, beats on revs; raises FY23 EPS and EBIT guidance

• Reports Q1 (Mar) earnings of $2.21 per share, excluding non-recurring items, $0.48 better than the S&P Capital IQ Consensus of $1.73; revenues rose 11.1% year/year to $39.98 bln vs the $39.38 bln S&P Capital IQ Consensus.
• Reached 20,000+ EV sales in the U.S., moving up to the No. 2 market position.
• Co reported Q1 adjusted EBIT of $3.8 bln.
• Co issues raised guidance for FY23, sees EPS of $6.35-7.35 from $6.00-7.00, excluding non-recurring items, vs. $6.13 S&P Capital IQ Consensus. EBIT-adjusted of $11.0 billion-$13.0 billion, compared to the previous outlook of $10.5 billion-$12.5 billion. U.S. GAAP net automotive cash provided by operating activities of $16.5 billion-$20.5 billion, compared to the previous outlook of $16.0 billion-$20.0 billion. Adjusted automotive free cash flow of $5.5 billion-$7.5 billion, compared to the previous outlook of $5.0 billion-$7.0 billion.
• Long Term Guidance: Revenue of $225B+ in 2025 (~12% CAGR). GMNA EBIT-adjusted margins of ~8-10% through 2025. 400K EV production units from 2022 -- H1 2024 and capacity of ~1M units in NA by 2025.