Share this Story: U.S. earnings run ahead of estimates, even as execs voice caution [Financial Post (Toronto, Ontario, Canada)]
General Motors Company (GM)
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Source: Financial Post
CHICAGO/DETROIT — The companies that produce goods at the heart of the U.S. consumer economy – SUVs, washing machines, heavy equipment and hamburgers – kept rolling along at the end of 2022. Advertisement But corporate executives on conference calls were guarded in their approach Tuesday, simultaneously noting solid demand while still pointing to the need to hold costs down in the face of higher inflation and expectations for economic growth to moderate – but not collapse. “We're not doing anything in anticipation of a recession,” said General Motors Chief Financial Officer Paul Jacobson during a call Tuesday, after the company posted better-than-expected results and forecast a better 2023 than analysts expected. “Consumer demand is still holding up.” Bellwethers including McDonald's, General Motors, Exxon Mobil, appliance maker Whirlpool and delivery giant United Parcel Service, posted results that exceeded estimates. Right now, S&P 500 companies have reported a 4.5% year-
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