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What's in Store for General Motors (GM) in Q1 Earnings?
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General Motors (GM - Free Report) is slated to release first-quarter 2023 results on Apr 25, before market open. The Zacks Consensus Estimate for the quarter’s earnings and revenues is pegged at $1.58 per share and $38.54 billion, respectively.
The Zacks Consensus Estimate for General Motors’ first-quarter earnings per share has been revised upward by 5 cents over the past seven days. The bottom-line projection indicates a year-over-year decline of 24.40%, whereas the top-line estimate implies 7.11% growth.
In the last reported quarter, GM beat earnings estimates on better-than-expected profits from the North America segment. Over the trailing four quarters, the company topped the Zacks Consensus Estimate on three occasions and missed once, the average surprise being 15.31%. This is depicted in the graph below:
General Motors’ first-quarter U.S. sales increased 18% year over year to 603,208 vehicles. Sales of the four brands — Chevrolet, GMC, Buick and Cadillac — saw high-single-digit to double-digit year-over-year percentage gains. Sales of Chevrolet, GMC and Cadillac jumped 16%, 29%, 99% and 8%, respectively.
The Zacks Consensus Estimate for the company’s GMNA segment’s wholesale vehicle sales is pegged at 729,000 units, implying an increase from the 694,000 units reported in the first quarter of 2022. The consensus mark for the segment’s revenues is $31,408 million, implying an increase from the $29,456 million recorded in the year-ago quarter. The consensus mark for operating profit from the segment is pegged at $2,783 million, indicating a decline from $3,141 million in the year-ago quarter.
The Zacks Consensus Estimate for the company’s GMI segment’s wholesale vehicle sales is pegged at 174,000 units, implying growth from the 137,000 units reported in the first quarter of 2022. The consensus mark for the segment’s revenues is $3,965 million, indicating a rise from the $3,313 million recorded in the year-ago quarter. The consensus mark for the operating profit from the segment is pegged at $270 million, indicating a year-over-year decline from $328 million.
The Zacks Consensus Estimate for sales from the GM Financial unit is pegged at $3,140 million, down from the $3,156 million recorded in the previous quarter. The consensus mark for GM Financial’s operating profit is $681 million, implying a fall from the $1,284 million recorded in the year-ago quarter.
The consensus mark for the GM Cruise unit’s operating loss stands at $534 million, suggesting widening from the $325 million incurred in the year-ago period.
General Motors’ hot-selling brands in America like Chevrolet Silverado, Equinox and GMC Sierra are driving the top line. Our estimates indicate that revenues from the GMNA segment will move up 2% in 2023. We expect annual revenues from the GMI segment, excluding China, to rise 5.5% this year. Rising shipments and revenues from the GMNA and GMI segments are likely to boost the quarterly results.
Earnings Whispers
Our proven model predicts an earnings beat for General Motors this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is the case here, as you will see below.
Earnings ESP: It has a Earnings ESP of +19.09%. This is because the Most Accurate Estimate of $1.88 per share is pegged 30 cents higher than the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: General Motors currently carries a Zacks Rank of #3.
Other Stocks With a Favorable Combination
While an earnings beat appears likely for General Motors, here are a few other players from the auto space that, according to our model, also have the right combination of elements to post an earnings beat for the quarter to be reported:
Lear (LEA - Free Report) will release first-quarter 2023 results on Apr 27. The company has an Earnings ESP of +5.61% and a Zacks Rank #3.
The Zacks Consensus Estimate for Lear’s to-be-reported quarter’s earnings and revenues is pegged at $2.47 per share and $5.28 billion, respectively. LEA surpassed earnings estimates in all the trailing four quarters in fiscal 2022, the average surprise being 17.12%.
Mobileye Global Inc. (MBLY - Free Report) will release first-quarter 2023 results on Apr 27. The Zacks Consensus Estimate for Mobileye’s to-be-reported quarter’s earnings and revenues is pegged at 13 cents per share and $463.3 million, respectively.
Oshkosh (OSK - Free Report) will release first-quarter 2023 results on Apr 27. The company has an Earnings ESP of +1.79% and a Zacks Rank #3.
The Zacks Consensus Estimate for Oshkosh’s to-be-reported quarter’s earnings and revenues is pegged at 99 cents per share and $2.09 billion, respectively. OSK surpassed earnings estimates in one out of the trailing four quarters in fiscal 2022, while missing in the remaining three, the average negative surprise being 8.82%.
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What's in Store for General Motors (GM) in Q1 Earnings?
General Motors (GM - Free Report) is slated to release first-quarter 2023 results on Apr 25, before market open. The Zacks Consensus Estimate for the quarter’s earnings and revenues is pegged at $1.58 per share and $38.54 billion, respectively.
The Zacks Consensus Estimate for General Motors’ first-quarter earnings per share has been revised upward by 5 cents over the past seven days. The bottom-line projection indicates a year-over-year decline of 24.40%, whereas the top-line estimate implies 7.11% growth.
In the last reported quarter, GM beat earnings estimates on better-than-expected profits from the North America segment. Over the trailing four quarters, the company topped the Zacks Consensus Estimate on three occasions and missed once, the average surprise being 15.31%. This is depicted in the graph below:
General Motors Company Price and EPS Surprise
General Motors Company price-eps-surprise | General Motors Company Quote
Factors Shaping Q1 Earnings
General Motors’ first-quarter U.S. sales increased 18% year over year to 603,208 vehicles. Sales of the four brands — Chevrolet, GMC, Buick and Cadillac — saw high-single-digit to double-digit year-over-year percentage gains. Sales of Chevrolet, GMC and Cadillac jumped 16%, 29%, 99% and 8%, respectively.
The Zacks Consensus Estimate for the company’s GMNA segment’s wholesale vehicle sales is pegged at 729,000 units, implying an increase from the 694,000 units reported in the first quarter of 2022. The consensus mark for the segment’s revenues is $31,408 million, implying an increase from the $29,456 million recorded in the year-ago quarter. The consensus mark for operating profit from the segment is pegged at $2,783 million, indicating a decline from $3,141 million in the year-ago quarter.
The Zacks Consensus Estimate for the company’s GMI segment’s wholesale vehicle sales is pegged at 174,000 units, implying growth from the 137,000 units reported in the first quarter of 2022. The consensus mark for the segment’s revenues is $3,965 million, indicating a rise from the $3,313 million recorded in the year-ago quarter. The consensus mark for the operating profit from the segment is pegged at $270 million, indicating a year-over-year decline from $328 million.
The Zacks Consensus Estimate for sales from the GM Financial unit is pegged at $3,140 million, down from the $3,156 million recorded in the previous quarter. The consensus mark for GM Financial’s operating profit is $681 million, implying a fall from the $1,284 million recorded in the year-ago quarter.
The consensus mark for the GM Cruise unit’s operating loss stands at $534 million, suggesting widening from the $325 million incurred in the year-ago period.
General Motors’ hot-selling brands in America like Chevrolet Silverado, Equinox and GMC Sierra are driving the top line. Our estimates indicate that revenues from the GMNA segment will move up 2% in 2023. We expect annual revenues from the GMI segment, excluding China, to rise 5.5% this year. Rising shipments and revenues from the GMNA and GMI segments are likely to boost the quarterly results.
Earnings Whispers
Our proven model predicts an earnings beat for General Motors this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is the case here, as you will see below.
Earnings ESP: It has a Earnings ESP of +19.09%. This is because the Most Accurate Estimate of $1.88 per share is pegged 30 cents higher than the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: General Motors currently carries a Zacks Rank of #3.
Other Stocks With a Favorable Combination
While an earnings beat appears likely for General Motors, here are a few other players from the auto space that, according to our model, also have the right combination of elements to post an earnings beat for the quarter to be reported:
Lear (LEA - Free Report) will release first-quarter 2023 results on Apr 27. The company has an Earnings ESP of +5.61% and a Zacks Rank #3.
The Zacks Consensus Estimate for Lear’s to-be-reported quarter’s earnings and revenues is pegged at $2.47 per share and $5.28 billion, respectively. LEA surpassed earnings estimates in all the trailing four quarters in fiscal 2022, the average surprise being 17.12%.
Mobileye Global Inc. (MBLY - Free Report) will release first-quarter 2023 results on Apr 27. The Zacks Consensus Estimate for Mobileye’s to-be-reported quarter’s earnings and revenues is pegged at 13 cents per share and $463.3 million, respectively.
The company has an Earnings ESP of +11.94% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Oshkosh (OSK - Free Report) will release first-quarter 2023 results on Apr 27. The company has an Earnings ESP of +1.79% and a Zacks Rank #3.
The Zacks Consensus Estimate for Oshkosh’s to-be-reported quarter’s earnings and revenues is pegged at 99 cents per share and $2.09 billion, respectively. OSK surpassed earnings estimates in one out of the trailing four quarters in fiscal 2022, while missing in the remaining three, the average negative surprise being 8.82%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.