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Just caught GM's Q4 2022 earnings and the North America segment absolutely crushed it. GMNA brought in $35.5B in revenue, way above expectations, and that's what pushed the whole company to beat consensus. Their wholesale units hit 787K in the quarter, up significantly from the prior year.
What caught my eye is how much GMNA is carrying the company right now. Operating profit hit $3.65B, beating the consensus estimate by a decent margin. The segment's market share also climbed to 9.2% from 8.9% year-over-year. Meanwhile, their International division and Cruise division are dragging a bit—Cruise is still burning cash with operating losses widening.
Overall GM posted $2.12 adjusted EPS versus $1.68 expected, so GMNA's strength definitely made the difference. Cash position looks okay at $19.1B, though automotive free cash flow is trending down. For 2023, they're guiding for $6-7 EPS and $5-7B in free cash flow. Interesting to see how much the North America segment matters to their bottom line.