GM Q1 Profit Down, Adj. EPS And Topline Beat Estimates; Updates FY23 View; Stock Up In Pre-market

(RTTNews) - Automaker General Motors Co. (GM) reported Tuesday that its first-quarter net income attributable to stockholders fell 18.5 percent to $2.40 billion from last year's $2.94 billion.

Earnings per share, however, grew 25.2 percent to $1.69 from $1.35 last year.

Adjusted earnings per share were $2.21, compared to prior year's $2.09. On average, 18 analysts polled by Thomson Reuters expect earnings of $1.71 per share for the quarter. Analysts' estimates typically exclude special items.

The first-quarter revenue was $40.0 billion, up 11.1 percent from $35.98 billion a year ago. Analysts projected revenues of $38.95 billion for the quarter.

Further, GM updated its full-year 2023 earnings guidance. The company now expects full-year net income attributable to stockholders of $8.4 billion to $9.9 billion, compared to the previous outlook of $8.7 billion to $10.1 billion.

EBIT-adjusted is now expected to be in the range of $11.0 billion to $13.0 billion, compared to the previous outlook of $10.5 billion to $12.5 billion.

In pre-market activity on the NYSE, GM shares were trading at $35.55, up 3.67 percent.

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