General Motors (NYSE:GM) reported net income of US$ 2.57 billion in the second quarter, up 51.6% in the annual comparison. The American automaker added revenues of US$ 44.7 billion between April and June, growth of 25.1% over the same period of 2022.
“I’m pleased to share with you that GM’s operating results continue to demonstrate robust growth,” said Mary Barra, GM’s chief executive, in a note. She highlights that the company is in a good moment of sales.
GM points out that it delivered 1.6 million vehicles in the second quarter, an increase of 11.5% in the annual comparison. In the United States, deliveries increased by 18.9%, to 692 thousand units. In Brazil, the automaker delivered 78 thousand vehicles between April and June, growth of 18.1% in the year.
GM’s second-quarter results beat analysts’ estimates heard by the agency “FactSet”. Adjusted earnings per share of $1.91 was beyond the market consensus of $1.86. Analysts also had expected revenue of $42.1 billion in the period.
According to GM, its results were impacted by an accounting effect of US$ 792 million from a new commercial partnership with LG Electronics to reduce costs and improve margins in electric vehicles. The company also intends to cut $1 billion in additional costs on top of the previously announced $2 billion.
With the results of the second quarter, GM increased its targets for the second time in the year, now estimating to reach a net profit in the range between US$ 9.3 billion and US$ 10.7 billion, compared to the previous objective that had been established between US$ 8.4 billion and US$ 9.9 billion.