TECH - General Motors' Financials Rise Despite Headwinds | Benzinga
On Tuesday, General Motors (NYSE: GM) did a lot better than expected during the first three months of 2024. The Detroit automaker also lifted its 2024 guidance fueled by strong truck sales in North America.
First Quarter Highlights
During the first three months of the year, GM reported revenue rose 7.6% YoY to $43.01 billion, surpassing LSEG’s estimate of $41.92 billion. Net income grew 26% to $2.95 billion with adjusted earnings amounting to $2.62 per share, also surpassing LSEG’s estimate of $2.15. When excluding some dividend payouts, net income attributable to stockholders rose 24.4% to $2.98 billion, or $2.56 per share.
GM’s operations in North America were the star of the Q1 show.
The division reported adjusted earnings rose 7.4% YoY to $3.84 billion. With increased retail sales and steady pricing of vehicles, the division achieved an adjusted profit margin of 10.6%.
North America’s success succeeded to offset the loss ...