Automotive major General Motors (NYSE:GM) has driven in better-than-anticipated second-quarter numbers with revenue rising 25.1% year-over-year to $44.75 billion. While the figure outperformed expectations by $2.39 billion, EPS at $1.91 too beat estimates by $0.05.
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During the quarter, total vehicle sales rose to 979,000 from 817,000 a year ago and U.S. sales of Chevrolet Trax rose by a whopping 115%. While market share inched up in the United States to 16.3%, it dropped in the Asia Pacific, Middle East, and Africa as well as South America regions to 6.1% and 7.4% respectively. Further, the company is also taking measures to lower costs and improve margins over time.
Looking ahead, for the full-year 2023, GM expects to incur capital expenditures between $11 billion and $12 billion. Net income for the year is anticipated between $9.3 billion and $10.7 billion. This is a raise versus an earlier outlook between $8.4 billion and $9.9 billion.
Overall, the Street has a $46.79 consensus price target on General Motors alongside a Moderate Buy consensus rating. Shares of the company have surged nearly 7% over the past month alone.
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