General Motors raises 2023 guidance as first-quarter earnings beat expectations
Publishing timestamp: 2023-04-25 10:29:12
Summary
GM raised its guidance for 2023 after reporting Q1 results that beat Wall Street's expectations. The company's cost-cutting efforts, including an employee buyout program, had a faster impact on results than expected. GM's adjusted earnings per share were $2.21, compared to the expected $1.73, and revenue was $39.99 billion, compared to the expected $38.96 billion. The company raised its adjusted earnings expectations for the full year to a range of $11 billion to $13 billion and its adjusted automotive free cash flow expectations to a range of $5.5 billion to $7.5 billion. However, GM lowered its guidance for net income attributable to stockholders due to special charges related to the employee buyout program. GM also announced plans to invest more than $3 billion with Samsung SDI to build a new battery cell manufacturing plant in the US.
Sentiment: NEUTRAL
Keywords: mary barra, transportation, paul jacobson, business, tesla inc, business news, breaking news: earnings, general motors co, breaking news: business, dividends, earnings, autos,
Source: https://www.cnbc.com/2023/04/25/general-motors-gm-earnings-q1-2023.html