General Motors (NYSE:GM) saw its shares rise by more than 2% in pre-market today after announcing impressive second-quarter results that exceeded Street expectations in both earnings and revenue. The automotive powerhouse posted an adjusted EPS of $3.06, significantly above the Street estimate of $2.71. Additionally, revenue for the quarter reached $47.97 billion, surpassing the forecasted $45 billion.
Encouraged by its strong performance, GM has revised its full-year 2024 earnings guidance upwards. The company now expects an adjusted EPS range of $9.50 to $10.50, compared to the previously anticipated range of $9.00 to $10.00.
In a communication to shareholders, GM attributed its success to a robust lineup of internal combustion engine (ICE) trucks and SUVs in North America, promising early sales from its electric vehicle (EV) portfolio, and stable pricing with fewer incentives than the industry norm. The company also underscored its strategic focus on disciplined volume growth and its goal of achieving positive variable profits from its EV lineup by the fourth quarter.
For the full year, GM's revised guidance includes net income attributable to stockholders of $10.0 billion to $11.4 billion, EBIT-adjusted between $13.0 billion and $15.0 billion, and adjusted automotive free cash flow ranging from $9.5 billion to $11.5 billion. This optimistic outlook reflects GM's confidence in its operational strategy and market position.