=General Motors (GM) reported earnings on Thur 21 Jul 2016 (b/o)

General Motors beats by $0.35, beats on revs; raises FY16 EPS guidance  :

• Reports Q2 (Jun) adj. earnings of $1.86 per share, $0.35 better than the Capital IQ Consensus of $1.51; net revenues rose 11.0% year/year to $42.4 bln, may not compare to auto rev consensus of $37.32 bln; deliveries flat at $2.4 mln.
• The company reported records for earnings before interest and tax (:EBIT) adjusted of $3.9 billion and EBIT-adjusted margin of 9.3 percent. These compare to EBIT-adjusted of $2.9 billion and EBIT-adjusted margin of 7.5 percent in the second quarter of 2015, which included the impact of $0.3 billion restructuring costs.
  • GM North America reported record EBIT-adjusted of $3.6 billion compared with $2.8 billion in the second quarter of 2015. For the quarter, EBIT-adjusted margin was a record 12.1 percent, compared to 10.5 percent a year ago.
  • GM Europe reported EBIT-adjusted of $0.1 billion compared with breakeven EBIT-adjusted results in the second quarter of 2015. This result is the first profitable quarter since the second quarter of 2011.
  • GM International Operations reported EBIT-adjusted of $0.2 billion compared with $0.3 billion in the second quarter of 2015. Results included China equity income of $0.5 billion in both periods.
  • GM South America reported EBIT-adjusted of $(0.1) billion, about equal with the second quarter of 2015.
• Co issues guidance for FY16, raises EPS to $5.50-6.00 from $5.25-5.75 vs. $5.63 Capital IQ Consensus Estimate.
• Peers: F, FCAU.