Detroit automaker General Motors (GM) has raised its 2024 guidance after beating Wall Street expectations across the board with its first-quarter earnings.
GM, as the company is known, reported earnings per share of $2.62 U.S. versus $2.15 U.S. that was expected among analysts.
Revenue in Q1 came in at $43.01 billion U.S. compared to $41.92 billion U.S. that was estimated on Wall Street. Sales rose 7.6% from a year earlier.
Owing to the strong Q1 print, GM raised its guidance, saying it now expects earnings of $9 U.S. to $10 U.S. a share, up from a previous range of $8.50 U.S. to $9.50 U.S. per share.
The company also raised its forecast for free cash flow this year to a range of $8.50 billion U.S. to $10.50 billion U.S., up from an earlier forecast of $8 billion U.S. to $10 billion U.S.
Strong North American sales, particularly of pick-up trucks, was largely responsible for the Q1 beat and guidance raise, said the automaker.
The strong sales in the U.S. and Canada helped to offset losses of $106 million U.S. in China and a $10 million U.S. loss in other international markets during Q1.
The company also reiterated plans to produce between 200,000 and 300,000 electric vehicles in 2024 despite a pivot to focus more on gas-electric hybrid vehicles.
The stock of General Motors is up 4% in premarket trading on news of the latest earnings. Prior to today (April 23), GM stock had risen 26% in the last 12 months to trade at $43.21 U.S. per share.
