GM's 1Q Is Often Weak, but We See Big Upside Coming in 2019
We are leaving our fair value estimate for General Motors unchanged after its first-quarter results once again beat consensus. Adjusted diluted EPS of $1.43 fell by 18% year over year but easily beat consensus of $1.24, while total company revenue of $36.1 billion fell 3.1% to $36.1 billion. Total company adjusted EBIT margin fell by 230 basis points to 7.2%, and automotive free cash burn of $3.5 billion was $2.9 billion worse than the prior year’s quarter.The market may not like the unfavorabl...
General Motors designs, builds and sells trucks, crossovers, cars and automobile parts. The company also provides automotive financing services through its subsidiary, General Motors Financial Company, Inc. (GM Financial). GM Financial provides retail loan and lease lending across the credit spectrum. GM Financial provides commercial lending products to dealers including new and used vehicle inventory floorplan financing and dealer loans, which are loans to finance improvements to dealership facilities, to provide working capital, and to purchase and/or finance dealership real estate. Other commercial lending products include financing for parts and accessories, dealer fleets and storage centers.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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