On March 16, 2021, the General Motors logo appeared on the facade of the General Motors headquarters in Detroit.
Rebecca Cook | Reuters
Detroit- General Motors The company is scheduled to report first-quarter earnings before the bell on Tuesday.
Wall Street expects General Motors to post solid, if not “resilient,” results in the first quarter of this year, largely due to expectations that vehicle pricing will remain higher than expected at the beginning of the year, according to recent analyst reports.
Wall Street expected the following, according to an average estimate compiled by London Stock Exchange Group (LSEG):
- Earnings per share: Adjusted $2.15
- income: $41.92 billion
Those results meant revenue grew 4.7% from a year earlier and adjusted earnings per share fell 3%. General Motors’ first quarter 2023 results include revenue of US$39.99 billion, net profit attributable to shareholders of US$2.4 billion, and adjusted earnings before interest and taxes of US$3.8 billion.
Beyond the results, some investors expect the company to raise its annual forecast, or at least guide it to meet previously announced targets.
GM’s 2024 guidance issued in January included net income attributable to shareholders of $9.8 billion to $11.2 billion, or $8.50 to $9.50 per share; and adjusted earnings before interest and tax (EBIT) of $12 billion to $14 billion. ; and adjusted auto free cash flow to $8 billion to $10 billion.
The profit guidance is largely better than GM’s performance last year and is in line with or above many Wall Street analysts’ expectations for flat results in 2023.
Investors will also be watching for any updates on GM’s electric vehicle plans, its Cruise self-driving car unit and its stock buyback plan.
—CNBC Michael Bloom contributed to this report.
This is developing news. Please check back for additional updates.
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