.July 23, 2024 09:12 AM

General Motors (NYSE:GM) shares surged over 2% in pre-market trading following the release of second-quarter results that beat expectations. The company reported an adjusted EPS of $3.06, surpassing the estimated $2.71, with revenue hitting $47.97 billion, exceeding the forecasted $45 billion.

Buoyed by its strong performance, GM raised its full-year 2024 earnings guidance, now expecting an adjusted EPS range of $9.50 to $10.50, up from the previous range of $9.00 to $10.00.

GM attributes its success to a strong lineup of ICE trucks and SUVs in North America, early EV sales, stable pricing, and disciplined volume growth. The company aims for positive variable profits from its EV lineup by Q4.

The revised full-year guidance includes net income of $10.0 billion to $11.4 billion, EBIT-adjusted between $13.0 billion and $15.0 billion, and adjusted automotive free cash flow of $9.5 billion to $11.5 billion. GM’s optimistic outlook reflects confidence in its operational strategy and market position.