General Motors Q3: Earnings and 5.4 Percent Revenue Growth Beat, but Uncertainties over Strike and China Deliveries Take Toll
October 24, 2023
General Motors’ (GM) shares are rising 1.27% in early U.S. premarket trade after legendary carmaker presented quite an impressive quarterly report and forecast. General Motors reported Q3 fiscal 2023 revenue rising 5.4% YoY to $44.13 billion (more below), beating analysts' consensus estimate of $43.68 billion.
Costs and expenses rose 6.8% year over year to $41.1 billion in the quarter. Operating income fell 11.1% YoY, however, to $3.01 billion in the quarter, with operating margins at 6.8%.
Adjusted EBIT fell 16.9% to $3.56 billion in the quarter, with adjusted EBIT margin at 8.1%.GM’s Non-GAAP EPS of $2.28 beat expectations by $0.44, on revenue of $44.13 billion beating by $880 million.
Operationally, over the reporting period, shipments increased 5.2% YoY to 1.62 million cars, with only in North America having the number increased 20% to 796,000 units, but China’s numbers falling 13.9% to 542,000 units.
GM forecasts more losses if union strikes continue and cancels 2023 forecast due to strikes.
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