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 anticipated 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 primary quarter of this 12 months, largely because of expectations that vehicle prices remained higher initially of the 12 months, in response 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 corporate to boost its full-year guidance or no less than 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 money flow between $8 billion and $10 billion.
The profit forecast was largely higher than GM’s results last 12 months and met or exceeded the expectations of many Wall Street analysts, who expected flat results in comparison with 2023.
Investors will even look ahead to 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.
