Written by Cláudio Afonso | LinkedIn | X
General Motors (GM) announced Tuesday its third-quarter earnings results reporting $48.8 billion of revenue and EBIT-adjusted of $4.1 billion.
GM reported adjusted earnings per share of $2.96, surpassing the $2.43 expected by analysts, with revenue reaching $48.76 billion, also exceeding forecasts of $44.59 billion.
The company reported earning nearly $4 billion in North America, with third-quarter revenue in the region rising 14% to a record $41.2 billion.
The company saw the net income attributable to stockholders reaching $3.1 billion and raised the annual guidance from between $10B – $11.4 billion to a higher range of $10.4B and $11.1 billion.
GM also increase its annual guiance for automotive operating cash flow expecting now to be between $22 billion and $24 billion, up from a previous forecast of ranging between $19.2 billion and $22.2 billion.
Shares of the carmaker surged in the pre-market session by 1.5%shortly after reporting the results.
GM noted that its 2024 financial guidance includes “anticipated capital spending of $10.5 billion – $11.5 billion”including investments in the company’s battery cell manufacturing joint ventures.
In the third quarter, General Motors delivered 659,601 vehicles in the United States, up 3% year over year but down 5% from the 696,086 vehicles delivered between April and June.
Of the 659,601 vehicles delivered in the third quarter, 32,095 were electric vehicles, up 60% year-over-year and up 46% sequentially.
In July, GM announced it was further scaling back its all-electric vehicle plans, postponing the launch of a second U.S. electric truck plant and delaying the debut of Buick’s first EV.
GM CEO Mary Barra the Chief Financial Officer Paul Jacobson will host a conference call at 8:30 a.m. eastern time this Tuesday.
Written by Cláudio Afonso | LinkedIn | X
