General Motors (NYSE:GM) exceeded Wall Street’s expectations for the first quarter of 2024, leading to a rise in its stock price by 4% intra-day today. The company reported an adjusted EPS of $2.62, beating the analyst prediction of $2.12, and posted revenues of $43.01 billion, which surpassed the anticipated $40.67 billion and reflected an 8% increase year-over-year. Notably, the company also reported a 21% year-over-year rise in retail deliveries for its electric vehicle (EV) portfolio.
General Motors’ CEO Mary Barra underscored the firm’s performance, noting robust growth in total company revenue, strong EBIT margins in North America, stable pricing, and a gain in retail market share with relatively lower incentives compared to the industry average. In response to these results, GM updated its full-year 2024 EPS guidance to between $9.00 and $10.00, up from an earlier range of $8.50 to $9.50, compared to the analyst consensus of $9.08. The automaker also plans capital expenditures of $10.5 billion to $11.5 billion for the year, including investments in battery cell manufacturing joint ventures.