GM Lifts FY24 Adj. EPS View After Q2 Results Beat Market; Stock Up In Pre-market

(RTTNews) - Automajor General Motors Co. (GM), while reporting higher second -quarter earnings and revenues, both above market estimates, on Tuesday raised its fiscal 2024 adjusted earnings outlook. Meanwhile, the company trimmed its forecast for net income and earnings per share on a reported basis.

In pre-market activity on the NYSE, GM shares were gaining around 4.9 percent to trade at $51.97.

For the full year, the company now expects net income attributable to stockholders of $10 billion to $11.4 billion, lower than previously expected $10.1 billion to $11.5 billion.

Earnings per share are now expected to be $8.93 to $9.93, down from earlier estimate of $8.94 to $9.94.

However, the company raised its outlook for adjusted earnings per share to $9.50 to $10.50 from previous view of $9.00 to $10.00.

Analysts on average expect the company to report earnings of $9.71 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company also raised its outlook for annual EBIT-adjusted to $13.0 billion to $15.0 billion from previously expected $12.5 billion to $14.5 billion.

In its second quarter, GM reported a profit that increased from last year and beat the Street estimates. The company's bottom line came in at $2.93 billion or $2.55 per share, compared to $2.57 billion or $1.83 per share, in last year's second quarter.

Adjusted earnings were $3.51 billion or $3.06 per share for the period, compared to $1.91 per share a year ago. Analysts had expected the company to earn $2.75 per share.

The company's revenue for the quarter rose 7.2 percent to $47.97 billion from $44.75 billion last year. The Street was looking for revenues of $45.46 billion.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.