The GM logo is seen on the facade of General Motors’ headquarters in Detroit on March 16, 2021.
Rebecca Cook | Reuters
DETROIT – General Motors is expected to report its first-quarter results on Tuesday before the market closes.
Wall Street expects General Motors to report solid, if not “robust” results for the first quarter of this year, largely due to expectations that vehicle prices remained higher at the start of the year, according to recent analyst notes expected.
According to LSEG average estimates, Wall Street expects:
- Earnings per share: Adjusted $2.15
- Revenue: $41.92 billion
These results would represent a 4.7% year-over-year increase in revenue and a 3% decline in adjusted earnings per share. GM’s first-quarter 2023 results included revenue of $39.99 billion, net income attributable to shareholders of $2.4 billion and adjusted earnings before interest and taxes of $3.8 billion .
Results aside, some investors expect the company to raise its full-year guidance or at least move closer to the high end of its previously announced targets.
GM’s 2024 forecast released in January called for net income attributable to shareholders of $9.8 billion to $11.2 billion, or earnings per share of $8.50 to $9.50; adjusted earnings before interest and taxes, or EBIT, of $12 billion to $14 billion; and adjusted automotive free cash flow between $8 billion and $10 billion.
The profit forecast was largely better than GM’s results last year and met or exceeded the expectations of many Wall Street analysts, who expected flat results compared to 2023.
Investors will also watch for updates on GM’s electric vehicle plans, its Cruise autonomous vehicle division and its stock repurchase program.
—CNBC’s Michael Bloom contributed to this report.
This is developing news. Please check back for further updates.
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2024-04-23 04:01:01
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