General Motors accelerates revenue, net income and EPS with speedy financial results
General Motors Co. (NYSE: GM) on April 23rd reported better-than-expected financial results, with a rise in both revenue and EPS from the previous quarter.
The company reported net income attributable to stockholders of almost $3.0 billion ($2.98 billion), up almost 25% from Q 2023.
General Motors also reported first-quarter 2024 revenue of $43.0 billion, 7.6% higher year-on-year than Q1 2023’s revenue of $39.98 billion.
The company’s EBIT-adjusted amount was $3.9 billion for the quarter, also up 1.8% year-on-year.
Earnings per share
EPS, meanwhile, was $2.56 for the quarter.
This was above estimates and was a solid 51% higher than Q1 2023’s diluted EPS of $1.69.
Expectations
Prior to today’s earnings, analysts expected Q1 revenues of around $41 billion – an increase of over 4% – and an EPS of $2.15
Earlier this year, General Motors published guidance for the 2024 year. These included total EPS for the entire year of between $8.50 and $9.50 and a net income of between $9.8 billion and $11.2 billion.
The guidance also mentioned an EBIT of between $12 billion and $14 billion for the year.
Previous results
The results compared favorably with its former results, the Q4 earnings reported in January 2024.
In those, GM reported fourth-quarter 2023 revenue of $43.0 billion, net income attributable to stockholders of $2.1 billion and EBIT-adjusted of $1.8 billion.
Tough times for GM
The company has had some unflattering publicity lately. The Cadilla Lyriq, which is produced by General Motors, is being investigated by the United States National Highway Traffic Safety Administration (NHTSA) for electronic brake module component failure.
The Cadillac Lyriq is an income source which General Motors is likely keen to protect: a higher-end electric vehicle offering, with the company wanting to make its EV business profitable by some time next year.
Today’s results, on the other hand, represent some welcome positive news for the company, which is already trading almost 2% higher today.
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