GM Sees FY24 Earnings Above Market; Stock Up In Pre-market

(RTTNews) - General Motors Co. (GM), while reporting higher-than-expected profit in its fourth quarter, on Tuesday issued fiscal 2024 earnings view, also above the Street estimates.

In pre-market activity on the NYSE, GM shares were gaining around 8 percent to trade at $38.10.

For fiscal 2024, the company projects net income attributable to stockholders of $9.8 billion to $11.2 billion, compared to last year's $10.1 billion.

Earnings per share, on a reported and adjusted basis, are expected to be in the range of $8.50 to $9.50 for the year. In 2023, earnings were $7.32 per share on a reported basis and $7.68 on an adjusted basis.

Analysts on average expect the company to report earnings of $7.83 per share for the year, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The 2024 guidance includes an estimated $1.45 per share impact from the company's accelerated share repurchase program, initiated in November 2023.

Further, GM's 2024 financial guidance includes anticipated capital spending of $10.5 billion - $11.5 billion.

In its fourth quarter, the company's Net income attributable to stockholders came in at $2.10 billion or $1.59 per share, 5.2 percent higher than $2.00 billion or $1.39 per share in last year's fourth quarter.

Adjusted earnings were $1.24 per share for the period, compared to $2.12 per share a year ago. Analysts had expected the company to earn $1.16 per share.

The company's revenue for the quarter fell 0.3 percent to $42.98 billion from $43.11 billion last year. The Street was looking for revenues of $38.97 billion.

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