General Motors Vrooms Past Q4 Street Expectations, Sees US EV Business Take Off From Second Half 2024
Portfolio Pulse from Anusuya Lahiri
General Motors Company (NYSE: GM) surpassed Q4 expectations with sales of $42.98 billion against a $38.97 billion estimate and adjusted EPS of $1.24 over the $1.16 estimate. Despite a slight decline in market share in the U.S. and China, Q4 deliveries increased. Operating income dropped to $0.9 billion from $2.6 billion Y/Y. GM expects its U.S. EV business to grow in the second half of 2024, projecting an adjusted EPS of $8.50 - $9.50 for FY24, above the consensus of $7.83. GM shares rose 7.94% in premarket trading.
January 30, 2024 | 1:07 pm
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General Motors exceeded Q4 sales and EPS estimates, with a positive outlook for its EV business and higher FY24 EPS guidance than expected. Shares increased by 7.94% in premarket trading.
GM's better-than-expected Q4 performance and positive FY24 guidance, particularly regarding its EV business, are likely to instill investor confidence and drive short-term stock price appreciation. The premarket trading activity already reflects a positive investor response.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100