General Motors Company (NYSE:GM) reported second-quarter FY23 sales growth of 25% year-on-year to $44.75 billion, beating the analyst consensus of $42.64 billion.
Q2 deliveries registered an 11.5% increase Y/Y to 1.58 million units, with North America climbing 17.2% to 805,000 units and China climbing 8.7% to 526,000 units.
Costs and expenses for the quarter rose 25% Y/Y to $41.9 billion.
Operating income for the quarter rose 33% Y/Y to $2.8 billion, with an operating margin of 6.2%.
Net income margin expanded 100 basis points Y/Y to 5.7%.
Adjusted EBIT for the quarter grew 38% to $3.23 billion with an adjusted EBIT margin of 7.2%.
The company held $32.63 billion in cash and equivalents as of June 30, 2023.
The cash provided by operating activities for six months totaled $10.7 billion. The automotive operating cash flow was $9.3 billion, and the adjusted automotive free cash flow totaled $5.5 billion.
Adjusted EPS of $1.91 beat the analyst consensus of $1.85.
Outlook: General Motors raised its FY23 net income outlook from $8.4 billion-$9.9 billion to $9.3 billion-$10.7 billion.
It raised FY23 adjusted EBIT outlook from $11 billion-$13 billion to $12 billion-$14 billion.
It raised FY23 adjusted automotive free cash flow outlook to $7 billion-$9 billion (prior $5.5 billion-$7.5 billion).
Price Action: GM shares are trading higher by 1.78% at $39.99 in premarket on the last check Tuesday.
