General Motors has reported a first-quarter net income of $3 billion on revenue of $43 billion.
The world’s largest automaker increased its guidance for the year of adjusted earnings to be in a range of $12.5 billion to $14.5 billion, up from $12 billion to $14 billion, company said in releasing the figures. GM expects a net income for the year in the $10.1 billion to $11.5 billion range. That would place it above its previous guidance of $9.8 billion to $11.2 billion.
GM’s first-quarter 2024 net income increased from last year’s $2.4 billion. GM’s adjusted earnings per share of $2.62 was above the average Wall Street estimate of $2.14. GM’s revenue also beat the average estimate of $41.88 billion.
Overall, GM saw a 1.5% decline in overall sales year-over-year in the first quarter, with fleet deliveries slipped 23%, the Detroit News reported. GM’s U.S. dealers sold 594,233 new vehicles in the first quarter, compared with 603,208 a year ago. The automaker said its retail sales, or sales to individual customers, increased 6%. “Our consumer has been remarkably resilient in this period of higher interest rates,” CFO Paul Jacobson said on a conference call, according to The News. “And we’ve seen that in all of our transaction prices and our strong go-to-market strategies. It’s been a strategy that’s worked for us and we think in this environment that we can continue to perform.”
