U.S. earnings run ahead of estimates, even as execs voice caution [Reuters]
General Motors Company (GM)
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Source: Reuters
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-over-year rise in revenue. That's better than what was expected on January 1, but short of last year's double-digit growth rates, and it is expected to slow in the first half of 2023, according to Refinitiv, m
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