FX.co ★ GM Lifts FY24 Earnings View After Higher Q1 Results; Stock Up In Pre-market

Automobile giant, General Motors Co. (GM), has reported a boost in their first-quarter results and has subsequently increased their fiscal forecast for the year 2024.

As a result, their shares experienced growth of around 3.5% in pre-market trading on the NYSE, landing at a price of $44.70.

In terms of annual forecasts, GM has raised its anticipated net income for stockholders to between $10.1 billion and $11.5 billion, an upturn from previous estimates ranging from $9.8 billion to $11.2 billion.

Earnings per share are also expected to rise to between $8.94 and $9.94, with adjusted earnings predicted to be between $9.00 and $10.00. These revised figures outpace earlier projections of $8.50 to $9.50 per share, for both reported and adjusted earnings.

On average, industry analysts, according to data by Thomson Reuters, predict GM's earnings to be around $9.08 per share. These estimates typically disregard any special items.

In the first quarter alone, GM's profit surpassed last year’s figures as well as Street estimates. Earnings amounted to $2.97 billion or $2.56 per share, compared to the first quarter of last year, which saw figures of $2.37 billion or $1.69 per share.

After adjustments, the earnings were $3.04 billion or $2.62 per share for this period. Analysts had initially expected the company's earnings to be $2.14 per share.

Furthermore, GM's revenue for the quarter climbed 7.6% from last year, reaching a total of $43.01 billion. This exceeds last year's revenue figure of $39.99 billion and surpasses Street's revenue forecast of $41.88 billion for the quarter.