Ford Motor Co (NYSE:F) shares are trading lower by 1.04% to $13.82 Tuesday morning. The stock appears to be falling in sympathy with General Motors Co (NYSE:GM) despite the company reporting better-than-expected second-quarter results and raising its FY23 adjusted automotive free cash flow guidance.
What Happened?
General Motors reported strong second-quarter FY23 sales growth, reaching $44.75 billion, a 25% increase year-on-year, surpassing the analyst consensus of $42.64 billion.
Second-quarter deliveries showed promising growth, with a total of 1.58 million units, an 11.5% increase Y/Y. North America saw a 17.2% climb to 805,000 units, and China showed an 8.7% increase to 526,000 units.
Despite increased costs and expenses, the company’s operating income for the quarter rose by 33% Y/Y to $2.8 billion, resulting in an operating margin of 6.2%.
Furthermore, the net income margin expanded by 100 basis points Y/Y to 5.7%…Read More
According to data from Benzinga Pro, F has a 52-week high of $16.68 and a 52-week low of $10.90.
