General Motors (GM) has significantly surpassed Wall Street expectations in the third quarter of 2024, prompting an upward revision of its full-year forecast. The automotive giant reported a 10.5% increase in revenue, reaching $48.8 billion, while adjusted earnings before interest and taxes climbed 15.5% to $4.1 billion. This impressive performance was largely driven by strong market share gains coupled with above-average selling prices. Consequently, GM has raised its adjusted earnings per share projection for the year to between $10 and $10.50, reflecting growing confidence in its strategic direction.
Market Response and Challenges
The stock market reacted positively to GM's robust quarterly results and optimistic outlook, with shares showing significant gains in pre-market trading. This investor enthusiasm underscores the company's resilience in navigating industry headwinds. Despite the earnings surge, GM's net income attributable to shareholders remained stable at approximately $3.1 billion, primarily due to losses from joint ventures in China and increased tax obligations. Nevertheless, with a market capitalization of 50.9 billion euros and a share price of 44.82 euros, GM continues to assert its position as a heavyweight in the automotive sector, leveraging its diverse product portfolio, particularly in the SUV and truck segments.
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