- General Motors Corp
- 22 October 2024 12:26:49
Source: Sharecast
The Detroit automaker reported revenues of $48.8bn for the three months to 30 September, up 10.5% on last year and well ahead of the $44.7bn consensus forecast.
The company said retail market share increased in the US with above-average pricing, well-managed inventories and below-average incentives. Meanwhile, in China, sales improved from the second quarter while dealer inventory levels dropped sharply.
Meanwhile, GM said it was making progress on making its electric vehicles arm profitable, with rising sales and market share growth.
Adjusted earnings before interest and tax (EBIT) rose 15.5% to $4.12bn, as EBIT-adjusted margins improved to 8.4% from 8.1%. Adjusted earnings per share gained 29.8% to $2.96, surpassing market estimates of $2.44.
Full-year adjusted EBIT is now pencilled in at $14bn-15bn, with the midpoint raised from previous guidance of $13bn-15bn. Adjusted operating cash flow guidance was also increased to $22bn-24bn from $19.2bn-22.2bn previously.
"I’m proud that GM is delivering our best vehicles ever with strong financial results," said chair and chief executive Mary Barra in a statement.
"But I want to be clear that we are not mistaking progress for winning. Competition is fierce, and the regulatory environment will keep getting tougher. That’s why we are focused on optimizing our ICE margins and working to make our EVs profitable on an EBIT basis as quickly as possible."
GM's stock futures were up 0.5% at $49.16 ahead of the opening bell, following a 36% gain so far this year.