Monday, 19 August, 2019

General Motors (GM) Given a $34.00 Price Target by Buckingham Research Analysts

GM posts strong profit beat, a reassuring sign in shaky market GM Is Going All-In On EVs, But CEO Admits They’ll Lose Money
Russell Knight | 08 February, 2019, 22:40

GM made $10.8 billion before taxes in North America, meaning big profit-sharing checks for about 46,500 union workers in the U.S. They'll get $10,750 each, down from last year's $11,500.

It's money in years past that was looked upon as a potential stimulus to the local economy, but no so much anymore as local employees brace for the plant's idling in March.

Earlier this week, GM said it would begin to cut $4,000 white-collar workers. NBC News reported that another leading automaker, Ford, is also set to dismiss as many as 25,000 staff due to restructuring.

Barra also cited the company's efforts to shift numerous affected hourly workers to other plants, lessening the impact of the cuts among blue-collar workers.

But 2,700 US workers will be offered jobs at other factories.

The last day for workers at the Lordstown facility, where the Chevrolet Cruze is produced, is March 8. During the same quarter a year ago, the business posted $1.65 earnings per share. Without special items for restructuring, the profit was $6.54, beating Wall Street expectations of $6.29. The firm had revenue of $38.40 billion for the quarter, compared to analyst estimates of $36.31 billion.

GM stock traded as high as $40.74 in NY after GM posted earnings per share of $1.43 for the fourth quarter, compared with the $1.25 average of analysts' estimates.

Despite this, GM says if they don't make these investments their sales, profitability and long-term competitiveness "may be harmed". GM's U.S. market share 0.4 percentage points to 16.7 per cent. This attention to the cost savings did not result in a company operating result (ebit) higher than a year earlier. The firm has a market cap of $54.95 billion, a PE ratio of 6.05, a price-to-earnings-growth ratio of 0.73 and a beta of 1.26.

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GM made $2 billion, or $1.40 per share in the fourth quarter.

"It's a volatile environment as you well know, and we're going to have to see how that goes", she said.

For the full year, GM made $423 million pretax from its worldwide operations, about one third of the $1.3 billion from a year earlier. The company has a quick ratio of 0.76, a current ratio of 0.89 and a debt-to-equity ratio of 1.75.

In the midst of a softening market in China, GM delivered 3.65m vehicles. Chief executive officer, Mary Barra, touted the high General Motors Q4 revenue and predicted a strong future for the company. Year-to-date, GM has gained 18.51%, versus a 9.02% rise in the benchmark S&P 500 index during the same period.

General Motors' quarterly earnings beat analysts' estimates as strong sales of high-margin pickup trucks and small SUVs in the US offset weak demand in China and South America.

It said then it would take pre-tax charges of $3 billion to $3.8 billion to pay for the cutbacks, but expected the actions to improve annual free cash flow by $6 billion by the end of 2020.

But GM is up against an industrywide malaise as vehicle sales plateau in the US and fall in China.

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