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yesterday

GM Beats Q2 Estimates Despite Declines in Profit and Revenue

It held its lowered full-year targets factoring in tariff risks, reiterating confidence in the long-term profitability of electric vehicles.

FILE PHOTO: Final inspection is performed as the vehicles are ready to leave the assembly line at the General Motors (GM) manufacturing plant in Spring Hill, Tennessee, U.S. Picture taken August 22, 2019. REUTERS/Harrison McClary/File Photo
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The GM logo is seen on the China Headquarters in Shanghai, China, August 29, 2022. REUTERS/Aly Song/File Photo
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Overview

  • Second-quarter net income fell to $1.89 billion, or $1.91 per share, down from $2.93 billion, or $2.55 per share a year earlier
  • Adjusted earnings of $2.53 per share topped the $2.34 expected by FactSet analysts
  • Revenue dropped to $47.12 billion but exceeded Wall Street’s $45.84 billion estimate for the 12th straight quarter
  • GM maintained its May guidance for $10 billion to $12.5 billion in adjusted EBIT, which includes $4 billion to $5 billion in potential U.S. auto tariffs
  • CEO Mary Barra emphasized that electric vehicles remain the company’s “north star” and highlighted domestic battery investments and flexible manufacturing as profit drivers