GM Lifts FY24 EPS View After Q3 Beats Market; Stock Up In Pre-market - Update

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(RTTNews) - Shares of General Motors Co. (GM) were gaining around 3 percent in pre-market activity on the NYSE after the automajor raised its fiscal 2024 adjusted earnings view in line or above market estimates. This was after reporting higher third-quarter earnings per share and sales, above the Street.

For fiscal 2024, the company now expects net income attributable to stockholders of $10.4 billion to $11.1 billion, compared to previous outlook of $10.0 billion to $11.4 billion.

Earnings per share is now expected to be $9.14 to $9.64, compared to earlier estimate of $8.93 to $9.93.

Adjusted earnings per share are now projected to be between $10.00 and $10.50, compared to previous estimate of $9.50 to $10.50.

Analysts on average expect the company to report earnings of $10 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, the company now expects adjusted EBIT, a key earnings metric, of $14.0 billion to $15.0 billion, while previous outlook was $13.0 billion to $15.0 billion.

GM said its 2024 financial guidance includes anticipated capital spending of $10.5 billion to $11.5 billion, inclusive of investments in the company's battery cell manufacturing joint ventures.

In its third quarter, net income attributable to common stockholders edged down 0.3 percent to $3.029 billion from last year's $3.038 billion.

Earnings per share, however, climbed 21.8 percent to $2.68 from $2.20 last year on lower sharecount. Adjusted earnings per share were $2.96, compared to prior year's $2.28.

Revenues for the quarter grew 10.5 percent to $48.76 billion from prior year's $44.13 billion.

The Street was looking for earnings of $2.43 per share on sales of $44.58 billion for the quarter.

In pre-market activity on the NYSE, GM shares were gaining around 2.9 percent to trade at $50.37.

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