General Motors Reports Q1 Beat, Revenue Miss and Provides 2022 Outlook
2022.04.27 01:22
General Motors Reports Q1 Beat, Revenue Miss and Provides 2022 Outlook
General Motors (NYSE:GM) reported its Q1 results, with EPS of $2.09 coming in better than the consensus estimate of $1.68. Revenue was $35.98 billion, compared to the consensus estimate of $37.01 billion.
According to the company’s Chair and CEO Mary Barra’s letter to shareholders, management reiterated its full 2022-year financial guidance, given the strong demand for the company’s vehicles, including its dramatically redesigned Chevrolet and GMC light-duty pickups launching now, its cost discipline, and the progress of its growth plan.
The company expects 2022 EPS to range from $6.50 to $7.50, compared to the consensus estimate of $6.70. Net income is expected to be in the range of $9.6-$11.2 billion, and adjusted EBIT in the range of $13-$15 billion.
Shares of GM are down 35% year-to-date.
By Davit Kirakosyan
