General Motors Company (NYSE:GM) has raised its full-year earnings guidance for a second time after reporting a better-than-expected second quarter due to a strong response to new trucks and SUVs including the Chevrolet Trax, the Chevrolet Montana and the GMC Sierra HD.
For the three months to June 30, 2023, the auto maker reported revenue of $44.7 billion, up 25% from the same quarter last year. Net income jumped 52% to $2.57 billion and adjusted earnings per share rose 68% to $1.91, ahead of the consensus analyst estimate of $1.73, according to Zacks Investment Research.
‘The biggest driving force behind our financial results is customer demand for our vehicles, which have now led the US industry in initial quality for two consecutive years,” CEO and chair Mary Barra said in a letter to shareholders.
“We have earned four consecutive quarters of higher retail market share in the US versus a year ago with continued strong pricing and incentive discipline, we’re leading in both commercial and total fleet deliveries calendar year to date, and we’re growing profitability in international markets such as Brazil and Korea.”
The company now expects full-year net income of between $9.3 billion and $10.7 billion, from $8.4 billion to $9.9 billion previously.
Its shares rose 1.5% to $39.87 ahead of the market open.
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