The GM logo is seen on the facade of General Motors headquarters in Detroit on March 16, 2021.
Rebecca Cook | Reuters
DETROIT — General engines is expected to report its first-quarter results before the bell Tuesday.
Wall Street expects General Motors to report strong, if not “resilient,” results for the first quarter of this year, largely driven by expectations that vehicle prices would remain higher than expected at the start of the year , according to recent analyst notes.
Here’s what Wall Street expects, according to average estimates compiled by LSEG:
- Earnings per share: $2.15 adjusted
- Income: $41.92 billion
These results would mark a 4.7% increase in revenue compared to a year earlier and a 3% decline in adjusted earnings per share. GM’s first quarter 2023 results included revenue of $39.99 billion, net income attributable to shareholders of $2.4 billion and adjusted earnings before interest and taxes of $3.8 billion .
Besides the results, some investors expect the company to raise its annual guidance or, at the very least, move towards the top of its previously announced targets.
GM’s 2024 guidance released in January included net income attributable to shareholders of $9.8 billion to $11.2 billion, or $8.50 to $9.50 in earnings per share; adjusted earnings before interest and taxes, or EBIT, of $12 billion to $14 billion; and automotive adjusted free cash flow of between $8 billion and $10 billion.
The earnings forecast was significantly better than GM’s results last year and in line with or above many Wall Street analysts’ expectations for flat results from 2023.
Investors will also be watching for any updates on GM’s electric vehicle plans, its Cruise self-driving car unit and its stock buyback program.
—CNBC Michael Bloom contributed to this report.
This is developing news. Please check back for additional updates.
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