DETROIT – General Motors is set to report its third-quarter earnings before the bell on Tuesday.
Here’s what Wall Street is expecting, according to Refinitiv consensus estimates:
- Adjusted earnings per share: $1.88
- Revenue: $42.22 billion
Most investors are expected to look past the Detroit automaker’s results during the quarter in favor of any change in guidance or comments regarding larger economic issues. Inflation in particular has already dominated the conversation on Wall Street at the start to earnings season.
The auto industry’s earnings and forecasts are being closely watched by investors for any signs that consumer demand could be weakening amid rising interest rates and looming recession fears.
In July, GM reaffirmed its previously announced guidance for the year that called for net income of between $9.6 billion and $11.2 billion and adjusted earnings before interest and taxes of between $13 billion and $15 billion, or $6.50 and $7.50 per share.
GM also forecast full-year net automotive cash of between $16 billion and $19 billion and guided to adjusted automotive free cash flow in the range of $7 billion to $9 billion.
During the third quarter of last year, the company reported an adjusted EPS of $1.52 and revenue of $26.78 billion, topping Wall Street’s estimates of 96 cents per share and $26.51 billion in revenue, according to Refinitiv.
This story is developing. Please check back for updates.