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General Motors Beats Q2 Expectations With $47.9 B in Revenue

Published 07/23/2024, 09:13 AM
GM
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General Motors (NYSE:GM) reported robust second-quarter results for 2024. The automaker posted revenue of $47.9 billion, surpassing expectations.

General Motors reported robust second-quarter results for 2024, showcasing significant financial growth and operational efficiency. The automaker posted revenue of $47.9 billion, surpassing the expectations set for the quarter.

Net income attributable to stockholders reached $2.9 billion, while EBIT-adjusted came in at $4.4 billion. These figures reflect the company’s strong performance amid a competitive automotive landscape and underline GM’s strategic initiatives to enhance profitability and market share.

The impressive revenue growth can be attributed to several factors, including increased vehicle sales, effective cost management, and strategic investments in emerging technologies.

GM’s focus on electric vehicle (EV) production and its battery cell manufacturing joint ventures have also contributed to its financial success.

The company’s ability to navigate supply chain challenges and adapt to changing market dynamics has further solidified its position as a leader in the automotive industry.

GM Beats EPS and Revenue Expectations in Q2

Comparing the current quarter’s performance against expectations, GM has exceeded market forecasts. Analysts had anticipated an EPS of $2.71 and revenue of $45 billion for the quarter. However, GM delivered an EPS of $3.06, significantly higher than the projected figure.

The revenue of $47.9 billion also outpaced expectations by a substantial margin, reflecting the company’s strong operational execution and market demand for its products.

The better-than-expected performance underscores GM’s robust business model and its ability to capitalize on growth opportunities.

The company’s strategic focus on EVs, coupled with its investments in advanced technologies, has positioned it well to outperform market expectations. This performance not only boosts investor confidence but also sets a positive tone for the remainder of the fiscal year.

GM Raises Full-Year Guidance, Expects Adjusted Net Income Attributable to Stockholders Between $10 and $11.4 Billion

GM has updated its full-year guidance, reflecting its confidence in sustained growth and profitability. The company now expects net income attributable to stockholders to be in the range of $10.0 billion to $11.4 billion, slightly adjusted from the previous guidance of $10.1 billion to $11.5 billion.

Adjusted EBIT is projected to be between $13.0 billion and $15.0 billion, an increase from the earlier range of $12.5 billion to $14.5 billion.

Additionally, GM has raised its automotive operating cash flow guidance to $19.2 billion – $22.2 billion, up from the prior range of $18.3 billion – $21.3 billion.

The adjusted automotive free cash flow is now expected to be between $9.5 billion and $11.5 billion, compared to the previous guidance of $8.5 billion to $10.5 billion.

The updated guidance also includes anticipated capital spending of $10.5 billion to $11.5 billion, which encompasses investments in GM’s battery cell manufacturing joint ventures.

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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

This article was originally published on The Tokenist. Check out The Tokenist’s free newsletter, Five Minute Finance, for weekly analysis of the biggest trends in finance and technology.

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