General Motors raises 2024 guidance after big first-quarter earnings beat
General Motors on Tuesday raised its 2024 guidance after beating Wall Street’s top- and bottom-line expectations for the first quarter.
GM’s North American operations, driven by truck sales, were largely responsible for the company’s first-quarter beat and guidance raise, the automaker said.
GM said revenue during the first three months of this year was up 7.6% from roughly $40 billion a year earlier.
GM’s North American operations, driven by truck sales, were largely responsible for the company’s first-quarter beat and guidance raise, the automaker said.
GM said revenue during the first three months of this year was up 7.6% from roughly $40 billion a year earlier.
General Motors on Tuesday raised its 2024 guidance after beating Wall Street’s top- and bottom-line expectations for the first quarter.
The automaker said it was boosting its forecast after strong North American operations offset losses elsewhere during the first quarter. The company now expects adjusted earnings of $12.5 billion to $14.5 billion, or $9 to $10 a share, up from a previous range of $12 billion to $14 billion, or $8.50 to $9.50 a share.
GM also raised expectations for adjusted automotive free cash flow to a range of $8.5 billion to $10.5 billion, up from an earlier forecast of $8 billion to $10 billion.
GM shares jumped more than 4% Tuesday following the report.
Here’s how the company performed in the first quarter, compared with average estimates compiled by LSEG:
Earnings per share: $2.62 adjusted vs. $2.15 expected
Revenue: $43.01 billion vs. $41.92 billion expected
GM said revenue during the first three months of this year was up 7.6% from roughly $40 billion a year earlier. Its net income during the first quarter rose about 26% to $2.95 billion.
The automaker said it was boosting its forecast after strong North American operations offset losses elsewhere during the first quarter. The company now expects adjusted earnings of $12.5 billion to $14.5 billion, or $9 to $10 a share, up from a previous range of $12 billion to $14 billion, or $8.50 to $9.50 a share.
GM also raised expectations for adjusted automotive free cash flow to a range of $8.5 billion to $10.5 billion, up from an earlier forecast of $8 billion to $10 billion.
GM shares jumped more than 4% Tuesday following the report.
Here’s how the company performed in the first quarter, compared with average estimates compiled by LSEG:
Earnings per share: $2.62 adjusted vs. $2.15 expected
Revenue: $43.01 billion vs. $41.92 billion expected
GM said revenue during the first three months of this year was up 7.6% from roughly $40 billion a year earlier. Its net income during the first quarter rose about 26% to $2.95 billion.
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