General Motors Q2 FY17 and Caterpillar Q2 FY17 earnings were released before opening bell this morning. GM posted adjusted earnings of $1.89 per share on $37 billion in net revenue, compared to the consensus estimates of $40.3 billion and $1.68 per share in earnings.
Caterpillar reported adjusted earnings $1.49 per share on $11.3 billion in revenue, compared to the consensus estimates of $10.8 billion. In last year’s second quarter, the equipment maker reported $1.09 per share in adjusted earnings on $10.3 billion in revenue.
General Motors Q2 FY17 earnings
General Motors Q2 FY earnings came in at $1.60 per share on a GAAP basis, an 8% year-over-year decline. Consolidated adjusted EBIT amounted to $3.7 billion, while the adjusted EBIT margin stood at 10%. GM also said its North America and China segments returned “robust results” during the second quarter, while South America showed signs of “solid improvement” and GM Financial continued to grow.
The automaker said it sold 725,000 vehicles in the U.S. during the quarter, a decline from the 755,000 it sold last year. Its market share in the U.S. slid slightly to 16.1% from 16.3% last year. Total global vehicle sales fell to 2.34 million from 2.39 million last year.
Following the General Motors Q2 FY17 earnings, the automaker’s shares declined by as much as 1.65% to $35.23 in premarket trading.
Caterpillar Q2 FY17 earnings
Caterpillar Q2 FY17 earnings amounted to $1.35 per share on a GAAP basis, up from 93 cents per share last year. The company’s GAAP earnings include restructuring costs and gains from its IronPlanet equity investment.
Caterpillar also boosted its full-year revenue outlook to between $42 billion and $44 billion, up from the previous range of $38 billion to $41 billion. It also increased its full-year adjusted earnings guidance to about $5 per share and its GAAP earnings outlook to $3.50 per share at the midpoint. The company said many of its end markets have seen increased demand this year, and it has become more “disciplined” with its cost controls. However, it added that there are still some risks to this guidance, including weak sales in Latin America and the Middle East and risks associated with geopolitics and commodities.
After Caterpillar Q2 FY17 earnings were announced, the equipment company’s stock surged, climbing by as much as 5.1% to $113.70 in premarket trades.