Benzinga - by Avi Kapoor, Benzinga Staff Writer.
General Motors Company (NYSE: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.
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