CORRECTED-UPDATE 1-GM says 2018 earnings to top prior forecast, shares jump 7 pct

Published:Friday, January 11, 2019
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corrected-update-1-gm-says-2018-earnings-to-top-prior-forecast-shares-jump-7-pct

FILE PHOTO: A General Motors sign is seen during the China International Import Expo (CIIE), at the National Exhibition and Convention Center in Shanghai, China November 6, 2018. REUTERS/Aly Song

(Reuters) - General Motors Co (GM.N) said on Friday it expects 2018 adjusted earnings per share to exceed its prior estimates and forecast 2019 earnings above Wall Street expectations, sending its shares up more than 7 percent.

The largest U.S. carmaker said in October it expected adjusted 2018 earnings of $5.80 to $6.20 per share.

The company also expects adjusted free cash flow for 2018 to be above its previous guidance.

GM forecast 2019 adjusted earnings per share in the range of $6.50 to $7.00, above the $5.86 expected by analysts according to IBES data from Refinitiv.

The company said it expects adjusted automotive free cash flow in 2019 to come in between $4.5 billion and $6 billion.

“We will continue to strengthen our core business and invest in the technologies that will transform the future of mobility. Managing both well is critical to position General Motors for success for generations to come,” Chief Executive Officer Mary Barra said.

(This story corrects to add “per share” in second paragraph)

Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty

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