General Motors (GM) Posts 'Outstanding' Earnings, CFO Stevens Tells CNBC

General Motors (GM) CFO Chuck Stevens discussed the company's 2016 Q2 earnings beat with CNBC's Phil LeBeau this morning.
By Lindsay Rittenhouse ,

NEW YORK (TheStreet) -- General Motors (GM) - Get Report CFO Chuck Stevens is "really proud" of the company's "outstanding" 2016 second quarter earnings, which exceeded expectations, he told CNBC's Phil LeBeau on "Squawk Box" Thursday.

Before today's market open, the auto manufacturer reported second quarter earnings of $1.86 per share, beating analysts' estimates of $1.52 per share. General Motors posted revenue of $42.4 billion, higher than Wall Street expectations of $38.91 billion.

"Broadly speaking, we had strong performance around the world," Stevens said. General Motors profited from sales in Europe for the first time since the second quarter of 2011.

As General Motors continues to "drive efficiencies and cost performance" while launching new products, the company will keep delivering strong margins, Stevens noted.

"As we continue to launch great new products, we're seeing the benefit in pricing, we're seeing the benefit in mix, we're seeing the benefit in proved residuals and we're seeing the benefit in overall results so we're really pleased with the execution of our strategy thus far," he continued.

Even though June sales growth slowed a bit in the U.S., "the fundamentals are there for continued strong performance" through the rest of the year, Stevens stated.

Shares of General Motors are rising by 3.94% to $32.73 in pre-market trading today.

Separately, TheStreet Ratings rated General Motors as a "buy" with a score of B-.

This is driven by a number of strengths, which can be seen in multiple areas, such as its compelling growth in net income, revenue growth, notable return on equity, attractive valuation levels and impressive record of earnings per share growth. TheStreet Ratings feels its strengths outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: GM

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

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