General Motors Company GM reported third-quarter FY23 sales growth of 5.4% year-on-year to $44.13 billion, beating the analyst consensus estimate of $43.68 billion.
Q3 deliveries registered a 5.2% increase Y/Y to 1.62 million units, with North America climbing 20% to 796,000 units and China declined 13.9% to 542,000 units.
Costs and expenses for the quarter rose 6.8% Y/Y to $41.1 billion.
Operating income for the quarter fell 11.1% Y/Y to $3.01 billion, with an operating margin of 6.8%.
Adjusted EBIT for the quarter fell 16.9% to $3.56 billion, with an adjusted EBIT margin of 8.1%.
Also Read: Are Consumers Ready For Robotaxis From Tesla, Alphabet, GM? New Survey Says Not Yet
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Net income margin was 6.9% versus 7.9% a year ago.
The company held $28.98 billion in cash, cash equivalents and restricted cash as of September 30, 2023.
The cash provided by operating activities for nine months totaled $17.2 billion. The automotive operating cash flow was $6.79 billion, and the adjusted automotive free cash flow totaled $4.91 billion.
Adjusted EPS of $2.28 beat the consensus estimate of $1.88.
Also See: Investor Fear Eases Slightly Ahead Of Big Earnings
Price Action: GM shares are trading higher by 1.30% at $29.60 in premarket on the last check Tuesday.
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