GM Reported Q1 2023 Revenue Jump 11 Percent to $40 Billion

General Motors (GM) announced earlier today that its Q1 FY 2023 sales hit $39.9 Billion, up 11% YoY. The automaker's net income attributable to shareholders was, however, $2.4 billion over the reporting period, down 19% from $2.9 billion a year earlier.

Diluted earnings per share came in at $1.69 posting an increase of approximately 25% YoY. Additionally, the company expects FY 2023 GAAP net income attributable to shareholders to be in the range of $8.4 billion to $9.9 billion, compared to its previous guidance of $8.7 billion to $10.1 billion.

Other FY 2023 outlook items were as follows. EBIT-adjusted is expected in the range of $11.0 billion-$13.0 billion, compared to the previous outlook of $10.5 billion-$12.5 billion; U.S. GAAP net automotive cash provided by operating activities will be in the range of $16.5 billion-$20.5 billion, compared to the previous outlook of $16.0 billion-$20.0 billion; and, finally, adjusted automotive free cash flow is expected at $5.5 billion-$7.5 billion, compared to the previous outlook of $5.0 billion-$7.0 billion.