General Motors (GM) and Exxon Mobil (XOM) released their latest earnings reports before opening bell this morning. GM posted earnings of $1.70 per share, easily topping the analyst consensus of $1.47 per share, on $41.2 billion in sales, which also beat the consensus at $40.3 billion. In the same quarter a year ago, the automaker reported $1.24 per share in earnings and $37.3 billion in revenue.
Exxon Mobil reported earnings of 95 cents per share on $63.3 billion in revenue, compared to the analyst estimates of 88 cents per share or $4 billion and $66.4 billion in revenue. In last year’s first quarter, the energy giant reported $48.7 billion in revenue and 43 cents per share or $1.8 billion in earnings.
General Motors shares rally
General Motors said its adjusted EBIT rose 27.9% year over year to $3.4 billion, while its adjusted EBIT margin expanded 1.1 points to 8.2%. In North America, the automaker’s adjusted EBIT soared 48.8% to $3.4 billion, and sales in the region grew 10.7% to $29.3 billion. GM Financial net revenue grew 38.7% to $2.9 billion. GM said in Europe, favorable pricing for launch vehicles partially offset currency impacts caused by Brexit. However, the automaker still continued to lose money there.
General Motors delivered 689,521 vehicles in the U.S. as crossover deliveries grew 16% and truck deliveries increased 3%. Retail deliveries in China fell 5.2% to 913,442 vehicles as a result of a reduction in the tax purchase incentive on vehicles there.
Shares of GM jumped by as much as 1.74% to $35.14 in premarket trades this morning.
Exxon Mobil shares rise
Exxon Mobil said higher commodity prices boosted its results. Upstream volumes fell 4% year over year to 4.2 million barrels of oil equivalent, resulting in $2.3 billion in upstream earnings, with the improvement driven by higher realizations of liquids and gas. Higher refinery throughput boosted the company’s downstream earnings, while lower margins struck the company’s chemical earnings.
Leave A Comment