General Motors stock rises after exceeding Q2 expectations and raising full-year guidance

From Investing.com: 2024-07-23 10:03:04

General Motors (NYSE:) stock rose 5.45% post successful Q2 results surpassing earning and revenue expectations. Adjusted EPS stood at $3.06, higher than anticipated $2.71, with revenue exceeding estimates at $47.97 billion against $45 billion forecasted.

GM revised 2024 earnings guidance upward to $9.50-$10.50 adjusted EPS, up from $9.00-$10.00, showing confidence in operations and market strategy.

Letter to shareholders highlights strong Q2 due to high-performance ICE trucks, SUVs, promising early EV sales, and disciplined volume growth approach.

Full-year guidance includes net income $10-$11.4 billion, EBIT-adjusted $13-$15 billion, and automotive free cash flow $9.5-$11.5 billion.

Anticipated capital spending $10.5-$11.5 billion, including battery cell manufacturing investments.

Strategic leadership appointments at Cruise and focus on next-gen Chevrolet Bolt increase investor confidence in GM’s future growth and financial stability.



Read more at Investing.com: General Motors shares slide despite raising full-year outlook By Investing.com