General Motors (GM) is gearing up to release its second-quarter earnings report before the market opens on Tuesday, July 23rd. The automaker's financial performance is highly anticipated as investors hope for strong sales figures and improved guidance for the remainder of the year.
According to various reports, GM sold over 9,500 electric vehicles (EVs) in North America during May alone. The Chevrolet Blazer and Cadillac LYRIQ EV models experienced 'really strong gains,' contributing significantly to this impressive sales figure.
In the first quarter of the year, GM achieved a record number of EV sales, with 21,930 units sold. This success has led GM to lift its 2024 guidance and expect full-year adjusted EBIT (earnings before interest and taxes) to range between $12.5 billion and $14.5 billion.
Despite the positive outlook, GM's earnings report will be closely watched for updates on its all-electric vehicle plans, capital expenditures, and operations in China where it has faced challenges with sales and earnings.
Wall Street analysts expect GM to post adjusted earnings of $2.75 per share on revenue of $45.46 billion for the second quarter. These figures represent a 1.6% increase in revenue compared to the same period last year and a significant 44.2% increase in adjusted earnings per share.
GM's Q2 results from last year included revenue of $44.75 billion, net income attributable to stockholders of $2.57 billion, and adjusted earnings before interest and taxes of $3.23 billion.
The automaker is expected to provide guidance for the rest of 2024 during its earnings call, potentially raising expectations even further.
