General Motors (GM) earnings Q1 2024

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General Motors (GM) earnings Q1 2024

The GM logo is seen on the facade of the General Motors headquarters in Detroit on March 16, 2021.

Rebecca Cook | Reuters

DETROIT — General Motors is set to report its first-quarter earnings before the bell Tuesday.

Wall Street expects General Motors to report solid, if not “resilient,” results for the first quarter of this year, largely driven by expectations that vehicle pricing remained higher than anticipated to begin the year, according to recent analyst notes. 

Here is what Wall Street is expecting, according to average estimates compiled by LSEG:

• Earnings per share: $2.15 adjusted
• Revenue: $41.92 billion

Those results would mark a 4.7% increase in revenue compared to a year earlier and a 3% decline in adjusted earnings per share. GM’s first-quarter 2023 results included $39.99 billion in revenue, net income attributable to stockholders of $2.4 billion and adjusted earnings before interest and taxes of $3.8 billion.

Aside from the results, some investors expect the company to raise its annual forecast, or, at the very least, guide toward the top of its previously announced targets.

GM’s 2024 guidance released in January included net income attributable to stockholders of $9.8 billion to $11.2 billion, or $8.50 to $9.50 in earnings per share; adjusted earnings before interest and taxes, or EBIT, of $12 billion to $14 billion; and adjusted automotive free cash flow between $8 billion and $10 billion.

The earnings guidance was largely better than GM’s results last year and in line with or higher than many Wall Street analysts’ expectations of flat results compared with 2023.

Investors will also be watching for any updates to GM’s electric vehicle plans, its Cruise autonomous car unit and its stock buyback program.

— CNBC’s Michael Bloom contributed to this report.

This is developing news. Please check back for additional updates.

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