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GM raises 2023 guidance on strong sales, higher profits

General Motors beat first-quarter profit estimates and raised its full-year earnings and cash-flow guidance after vehicle demand at the start of the year surpassed expectations. Its shares rose in premarket trading. GM made $2.21 a share in adjusted profit in the first quarter, compared to a consensus forecast of $1.72 a share. Revenue rose 11% to $39.99 billion, it said Tuesday, which was more than the $39.24 billion analysts expected. The stronger results stem from rising sales in the US, even in the face of higher interest rates and inflation. GM executives said demand was strong enough to revise 2023 guidance upward, boosting profit estimates for the year by $500 million to between $11 billion and $13 billion. “We did it with strong production and inventory discipline and consistent pricing,” GM Chief Financial Officer Paul Jacobson said on a call with journalists. “All in all, weÂ’re feeling confident about 2023.” The Detroit automaker raised per-share full-year guidance to between $6.35 and $7.35, up from $6 to $7 a share, and said free cash flow would also increase by $500 million to a range of $5.5 billion to $7.5 billion.  GMÂ’s shares pared a gain of as much as 4.4% before the start of regular trading Tuesday, rising 3.5% to $35.50 as of 6:55 a.m. in New York. The stock was up 1.9% for the year as of the close on Monday.  North American Strength The automakerÂ’s sales were particularly strong in North America, where first-quarter earnings rose before interest and taxes rose to $3.6 billion. Vehicle sales rose 18% to 707,000 in the region. Jacobson said the company originally expected to sell 15 million vehicles in the US this year, slightly less than the 15.5 million annualized rate automakers foresaw in the first quarter. North American demand was enough to offset a weak performance in China, GMÂ’s second-largest market. The automaker continues to struggle in the country, where its vehicle sales fell 25% to 462,000 vehicles in the quarter. Profits from its joint ventures in the market slumped 65% to $83 million.  The market has struggled overall in the wake of Covid-19 restrictions and foreign automakers have had to overcome a growing preference for Chinese brands by competing on price, squeezing profit margins. The situation in China probably wonÂ’t significantly improve until the second half of the year, according to Jacobson. GM remains on target to sell 150,000 electric vehicles this year, the CFO said.

Neil Young's 1953 Buick Roadmaster Skylark brings $400,000 at auction

Singer-songwriter Neil Young's extensive collection of model trains have fetched nearly $300,000 at auction, along with classic cars and musical equipment owned by the 72-year-old folk-rock icon. Young, a model train enthusiast for decades, offered more than 230 pieces at Julien's Auctions in Los Angeles from his collection of Lionel trains, including a custom-painted Commodore Vanderbilt 4-6-4 locomotive that sold for $10,000. Several cars that Young owns were also sold. A 1953 Buick code 76X Roadmaster Skylark convertible with a steering wheel hub that says, "Customized for Neil Young," went for $400,000, the auction house said on Saturday. Young, best known for his Woodstock-era songs as well as his work with the bands Buffalo Springfield and Crosby, Stills, Nash & Young has said the vast model train layouts at his California ranch helped him connect with his son Ben, who has cerebral palsy. Other items auctioned off on Saturday included some of Young's guitars, amplifiers and microphones. A portion of the proceeds will benefit the Bridge School in California, which Young's ex-wife Pegi Young co-founded in 1986 for children with severe speech and physical impairments.Reporting by Joseph AxRelated Video:

Junkyard Gem: 1992 Buick Century Woodie station wagon

The Detroit station wagon with fake-wood exterior paneling had a good long postwar run, but minivans and — increasingly — sport utility vehicles were giving such wagons quite a beating in the showrooms by 1992. Buick was down to just two woodies by 1992; here's a discarded example of the front-wheel-drive Century, spotted in a Northern California self-service yard. Buick sold big rear-wheel-drive Roadmaster wagons with Simu-Wood™ siding through the 1996 model year, but the smaller Century was fairly plush. American car shoppers didn't insist on real-looking "wood" on their wagons, although Chrysler went much more three-dimensional with their plastic wood that did GM during this era. This one has the 3.3-liter Buick V6 engine, rated at 160 horsepower. This is not to be confused with the unrelated GM 60° V6, which was available in earlier and later Centuries. If only these seats could talk, they'd tell many tales of sibling battles and spilled fast food. Related Video: