GM crushes expectations with record-breaking earnings in Q2 2024

General Motors (GM) is set to report its second-quarter results before the bell on Tuesday, expected to surpass its traditional Detroit automaker rivals. With stable sales and vehicle prices throughout the first half of the year, GM is anticipated to show strong financial performance.
According to average estimates compiled by LSEG, analysts are predicting GM to report adjusted earnings per share of $2.75 and revenue of $45.46 billion for the quarter. This would represent a 1.6% increase in revenue compared to the same period last year and a significant 44.2% jump in adjusted earnings per share.
Many on Wall Street anticipate GM to provide guidance towards the higher end of the automaker’s previously raised forecast for 2024, or potentially even revise it upwards. The current guidance for 2024 includes adjusted earnings ranging from $12.5 billion to $14.5 billion, or $9 to $10 per share, and adjusted automotive free cash flow in the range of $8.5 billion to $10.5 billion.
In addition to financial results and guidance, investors will be keen on updates about GM’s electric vehicle plans, capital spending, and operations in China. The company has faced challenges in the Chinese market, affecting sales and earnings.
The upcoming earnings release is vital for GM as it aims to showcase its resilience and growth prospects in a competitive automotive landscape. The industry experts and analysts will closely monitor the results to gauge GM’s performance and future trajectory.
As this story continues to unfold, stay tuned for more updates on GM’s second-quarter results and potential market implications. Consumers and investors alike are eagerly awaiting the outcome, which could have broader implications for the automotive industry as a whole and GM’s position within it.