General Motors misses by $0.02, misses on revs; reaffirms FY19 guidance (40.01)
- Reports Q1 (Mar) earnings of $1.10/share, excluding a $0.31/share benefit from Lyft and PSA revaluations, vs. the S&P Capital IQ Consensus of $1.12; revenues fell 3.4% year/year to $34.88 bln vs the $35.56 bln S&P Capital IQ Consensus.
- North American segment adj. EBIT $1.9 bln from 2.2 bln last year; International breakeven.
- Results were affected by planned SUV downtime partially offset by strong pickup truck performance.
- Full-size truck launch ahead of plan; average transaction prices for all-new crew cabs up $5,800 vs. outgoing models.
- Co reaffirms guidance for FY19, sees EPS of $6.50-7.00, excluding non-recurring items, vs. $6.50 S&P Capital IQ Consensus; adjusted automotive free cash flow of $4.5-6.0B. Execution of company's transformation cost savings of $2 to $2.5 billion through 2019 remains on track.
- "GM's first-quarter operating results were in line with expectations we shared in January. My confidence in the year ahead remains strong, driven by our all-new full-size truck launch and our ongoing business transformation.