General Motors Analysts Raise Their Forecasts After Better-Than-Expected Earnings

General Motors Company GM reported better-than-expected earnings for its fiscal first quarter on Tuesday.

The company posted quarterly sales growth of 7.6% year-on-year to $43.01 billion, beating the analyst consensus estimate of $41.88 billion. Adjusted EPS of $2.62 beat the consensus estimate of $2.14, according to data from Benzinga Pro.

GM’s market share reached 8.1% for the quarter, compared to 8.7% a year ago. In the U.S., the share changed to 15.4%, down from 16.4%. Its share in China reached 7.9%, down from 9.1% a year earlier.

Adjusted EBIT for the quarter improved by 1.8% to $3.87 billion, with an adjusted EBIT margin of 9.0%, down by 50 bps. Net income margin was 6.9% versus 6.0% a year ago.

General Motors projects adjusted EPS of $9.00 – $10.00 (prior $8.50 – $9.50) versus consensus of $9.08. The company projects adjusted automotive free cash flow of $8.5 billion—$10.5 billion (prior $8.0 billion—$10.0 billion) and reiterated capital spending of $10.5 billion—$11.5 billion.

General Motors shares gained 4.4% to close at $45.10 on Tuesday.

These analysts made changes to their price targets on General Motors following earnings announcement.

  • Mizuho raised the price target on General Motors from $48 to $52. Mizuho analyst Vijay Rakesh maintained a Buy rating.
  • Wedbush boosted the price target on General Motors from $45 to $55. Wedbush analyst Daniel Ives maintained an Outperform rating.

Now Read This: Meta Likely To Report Higher Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street’s Most Accurate Analysts

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPrice TargetMarketsTrading IdeasPT Changes
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!