2023-07-25 14:04:39
U.S. automaker General Motors (GM) on Thursday raised its profit forecast for this year by at least $1 billion. Earnings for the April-June quarter (second quarter) announced on this day exceeded analyst expectations. Stronger-than-expected sales in the U.S., centered on large, highly profitable models, contributed to this.
Investors want GM to move forward with its electric-vehicle (EV) plans, but traditional vehicles such as gasoline- and diesel-powered SUVs and trucks have shown big profits for the company.
GM expects pre-interest and tax profits of $12 billion to $14 billion in 2023. Previous forecasts were up to $13 billion. Earnings per share forecast for the full year was also revised up to $7.15 to $8.15 from the previous maximum of $7.35.
Net profit forecast for this year is $9.3 billion to $10.7 billion. Previous forecasts were $8.4 billion to $9.9 billion.
April-June sales were $44.8 billion, beating analyst estimates of $42.8 billion. It was $35.8 billion in the same period last year. Adjusted earnings per share were $1.91. Market expectations were $1.86.
Original title:GM Raises 2023 Guidance as Strong Truck Sales Boost Profit (3)
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