General Motors

General Motors Co (NYSE:GM) CEO Mary Barra revealed during the company’s 2023 earnings call that it intends to incorporate plug-in hybrid technology to select vehicles in North America despite its vision to stop selling combustion-engine light-duty vehicles by 2035. What Happened: Barra on Tuesday announced the company’s intention to deploy plug-in technology without providing a specific timeline for the same. “We are going to be bringing those in at a time where we need them from a compliance perspective,” Barra said, referring to new tailpipe emission standards being proposed. For 2024, however, pure electric vehicles are the focus, she added. GM’s Goals Of Eliminating Tailpipe Emissions: The CEO reiterated the company’s commitment to removing tailpipe emissions from light-duty vehicles by 2035 on the call. “In the interim, deploying plug-in technology in strategic segments will deliver some of the environmental benefits of EVs as the nation continues to build its charging infrastructure,” Barra said. EV Targets […]

General Motors Co (NYSE:GM) CEO Mary Barra said on Tuesday that the company has 100,000 reservations in place for its electric pickups, indicating strong interest. What Happened: During the company’s fourth-quarter earnings call on Tuesday, Barra said that the company expects its U.S. portfolio in EVs to be variable profit positive in the second half of the year, thanks to strong interest and lower commodity prices. While the company intends to produce 200,000 to 300,000 Ultium-based Chevrolet GMC, Cadillac, and BrightDrop EVs in North America in 2024, it will be subject to demand, Barra said. GM is eyeing higher production for the Cadillac Lyriq, the GMC Hummer EV, the Chevrolet Blazer EV, and the Silverado EV work truck throughout the year. Chevrolet Equinox EV, Silverado EV RST, GMC Sierra EV Denali, and the Cadillac Escalade IQ will also arrive in showrooms in the meantime, said Barra. The company further expects to fulfill its 100,000

General Motors blew past Wall Street’s expectations with its forecast for 2024 earnings, laying out new goals for sales of all-electric vehicles. But the biggest surprise was about plug-in hybrid vehicles. Tuesday, GM reported fourth-quarter operating income of $1.8 billion, close to what Wall Street expected. Guidance for 2024, however, was much better than expected. GM believes it will generate about $13 billion in operating profit. Wall Street was looking for $11 billion. Shares jumped 7.8% Tuesday and gained another 1.7% early Wednesday as Wall Street reacted to the news. The S&P 500 and Nasdaq Composite were down about 0.5% and 1.3%, respectively. Management’s financial forecasts were likely responsible for most of the gains, but investors should also have been happy with their guidance about electric vehicles. “We expect our U.S. [EV] portfolio will become variable profit positive in the second half of the year based on our current expectations

Wedbush Raises General Motors’ Price Target to $45 From $40, Notes Increased Confidence Post Call; Keeps Outperform Rating.

General Motors (NYSE:GM) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/31/2024 17.65% Wedbush $40 → $45 Maintains Outperform 01/24/2024 15.03% Barclays $37 → $44 Maintains Overweight 01/24/2024 4.58% Redburn Atlantic → $40 Initiates Coverage On → Neutral 01/04/2024 — Wolfe Research Upgrades Peer Perform → Outperform 12/04/2023 148.37% Citigroup $90 → $95 Maintains Buy 12/04/2023 7.97% HSBC → $41.3 Initiates Coverage On → Buy 12/04/2023 9.8% Mizuho $38 → $42 Upgrades Neutral → Buy 12/01/2023 41.18% RBC Capital $48 → $54 Maintains Outperform 11/30/2023 4.58% Wedbush $46 → $40 Maintains Outperform 11/30/2023 -29.41% Wells Fargo $25 → $27 Maintains Underweight 11/01/2023 -3.27% Barclays → $37 Upgrades Equal-Weight → Overweight 10/27/2023 4.58% Morgan Stanley $41 → $40 Maintains Overweight 10/25/2023 -0.65% Mizuho $40 → $38 Maintains Neutral 10/25/2023 25.49% RBC Capital $47 → $48 Maintains Outperform 10/25/2023 -3.27% Barclays $42 → $37

The following is a summary of the General Motors Company (GM) Q4 2023 Earnings Call Transcript: Financial Performance: GM displayed strong financial performance in 2023, with a full year EBIT-adjusted of $12.4 billion and adjusted auto-free cash flow of $11.7 billion. A robust share repurchase program was launched leading to present share count standing at less than 1.2 billion. Revenue recorded a year-on-year growth of 10%, hitting a record $172 billion, while EPS diluted adjustments stood at $7.68. Q4 revenue remained consistent year-over-year at $43 billion with $1.8 billion in EBIT adjusted, and $1.24 in EPS diluted adjusted. For 2024, GM projects an EBIT-adjusted in the $12 billion to $14 billion range and an EPS diluted adjusted in the $8.50 to $9.50 range. Business Progress: GM recorded record sales in the US in 2023 with Chevrolet Bolt EV and EUV leading sales. By implementing a shift towards electric vehicles, GM

GM Releases 2023 Fourth-Quarter and Full-Year Results, and 2024 Guidance PR Newswire DETROIT, Jan. 30, 2024 DETROIT, Jan. 30, 2024 /PRNewswire/ — General Motors Co. (NYSE: GM) today reported fourth-quarter 2023 revenue of $43.0 billion, net income attributable to stockholders of $2.1 billion and EBIT-adjusted of $1.8 billion. GM reported full-year 2023 revenue of $171.8 billion, net income attributable to stockholders of $10.1 billion and EBIT-adjusted of $12.4 billion. The chart below summarizes GM’s 2023 financial guidance and 2023 results, as well as the company’s 2024 guidance, which is for a year of strong financial performance. Final 2023 Guidance 2023 Results 2024 Guidance ——————- ————- ——————- Net income $9.1 billion – $9.7 $10.1 billion $9.8 billion – attributable to billion $11.2 billion stockholders EBIT-adjusted $11.7 billion – $12.4 billion $12.0 billion – $12.7 billion $14.0 billion Automotive operating $19.5 billion – $20.8 billion $18.0 billion – cash flow $21.0 billion

General Motors (GM) reported Q4 adjusted earnings Tuesday of $1.24 per diluted share, down from $2.12 a year earlier. Analysts polled by Capital IQ expected $1.14. Revenue for the quarter ended Dec. 31 was $42.98 billion, down from $43.11 billion a year earlier. Analysts surveyed by Capital IQ expected $39.47 billion. For 2024, the company expects adjusted earnings of $8.50 to $9.50 per diluted share. Analysts polled by Capital IQ expect $7.76. GM shares rose more than 7% in premarket trading.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our 12-month target by $4 to $38, based on a ’25 P/E of 4.5x, a steep but justified discount to historical averages. We increase our adjusted EPS estimates to $8.90 from $6.40 for ’24 and to $8.50 from $6.90 for ’25. GM posts Q4 adjusted EPS of $1.24 vs. $2.12 (-42%), 10 cents ahead of consensus. The beat was driven by a stronger-than-expected top line, as revenue fell 0.3% to $43.0B ($3.5B above consensus) on 3.3% higher sales volumes. GM introduced 2024 adjusted EPS guidance of $8.50-$9.50 (current consensus = $7.76), implying Y/Y growth of 17% at the midpoint versus the $7.68 earned in 2023. The guidance largely reflects an anticipated $1.45/sh. positive impact from the previously announced share repurchase plan, but was a positive

General Motors is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. The automaker posted fourth-quarter adjusted earnings that topped Wall Street’s expectations and forecast stronger profits this year. Dow Jones & Co. owns Factiva.

General Motors Boosts Quarterly Dividend By 33% From $0.09 To $0.12 Per Share.

Don’t look now, but General Motors shares have taken off. That puts its fourth-quarter earnings, and management’s forecasts for 2024, front and center for investors. As of the close on Monday, the stock was up some 26% since mid November, fueled by a new four-year-plus labor deal with the United Auto Workers and plans to raise the dividend. That is better than Ford Motor, Stellantis, and Toyota Motor shares, but those three have all posted positive returns. Tesla stock has fallen almost 20% over the same span. The S&P 500 is up about 9%. The kind of outperformance means that investors expect good news when quarterly results come. And good news starts with beating Wall Street’s estimates for earnings. For the fourth quarter, Wall Street expects an operating profit of $1.9 billion and earnings per share of about $1.16 from sales of $39.5 billion, according to Bloomberg. The results are