General Motors raises 2024 guidance after big first-quarter earnings beat

DETROIT — General Motors on Tuesday raised its 2024 guidance after beating Wall Street’s top- and bottom-line expectations for the first quarter.

The automaker said it was boosting its forecast after strong North American operations offset losses elsewhere during the first quarter. The company now expects adjusted earnings of $12.5 billion to $14.5 billion, or $9 to $10 a share, up from a previous range of $12 billion to $14 billion, or $8.50 to $9.50 a share.

GM also raised expectations for adjusted automotive free cash flow to a range of $8.5 billion to $10.5 billion, up from an earlier forecast of $8 billion to $10 billion.

GM shares jumped more than 4% Tuesday following the report.

Here’s how the company performed in the first quarter, compared with average estimates compiled by LSEG:

  • Earnings per share: $2.62 adjusted vs. $2.15 expected
  • Revenue: $43.01 billion vs. $41.92 billion expected

GM said revenue during the first three months of this year was up 7.6% from roughly $40 billion a year earlier. Its net income during the first quarter rose about 26% to $2.95 billion.

The automaker’s net income attributable to stockholders, which excludes some dividend payouts, was up 24.4% to $2.98 billion, or $2.56 per share, from the first quarter of 2023 when the company reported net income attributable to stockholders of about $2.4 billion, or $1.69 a share. 

Stock Chart IconStock chart icon

hide content

GM’s stock price

The automaker’s adjusted earnings before interest and taxes were $3.87 billion, or $2.62 per share, during the first quarter. 

North America

GM’s North American operations, driven by truck sales, were largely responsible for the company’s first-quarter beat and guidance raise, the automaker said.  

The division increased adjusted earnings during the quarter to $3.84 billion, up 7.4% from a year earlier.

Steady vehicle pricing and increased retail sales in North America also helped GM achieve a 10.6% adjusted profit margin in the region for the period – above its previously announced 8% to 10% range for the year.

GM CFO Paul Jacobson said prices for the automaker’s vehicles were roughly flat to slightly lower due to vehicle mix during the quarter, but not down as much as the 2% to 2.5% decline the company anticipated for the year.

“Our consumer has been remarkably resilient in this period of higher interest rates,” Jacobson told reporters during a briefing. “We think in this environment that we can continue to perform.”

GM’s financing arm reported adjusted earnings of $737 million during the first quarter, down 4.4% from a year earlier.


The company’s North America results helped to offset losses of $106 million in China and $10 million in other international markets during the first three months of the year.

When asked Tuesday about potentially exiting the Chinese market, GM CEO Mary Barra said during the company’s earnings call the automaker “remains committed” to the region.

The question, which would have been unfathomable just a few years ago, comes after GM China’s earnings fell from billions of dollars annually during the mid-2010s to the quarterly loss amid increased competition and shifting consumer demand.

Jacobson, however, noted GM’s loss in China was “slightly better” than the company had previously forecast.


GM specifically noted that sales of its highly profitable pickups remain strong, while production of its all-electric vehicles continues to ramp up following bottlenecks in production, particularly with battery modules.

“As we continue to strengthen our [internal combustion engine] portfolio, scale EVs and reinvest in the business, we are very focused on capital efficiency, enhancing profitability and free cash flow, and we will continue to take steps to create shareholder value,” Barra said in a letter to shareholders.

Jacobson said the company still plans to produce between 200,000 and 300,000 EVs during 2024.

2024 Chevrolet Silverado HD ZR2


While North America continues to be strong for the automaker, vehicle inventory levels in the U.S. are rising. The company ended the first quarter with a 63 days’ supply of vehicles – above the automaker’s previous guidance of 50 days to 60 days.

Jacobson said the company is watching those levels but is not too concerned about the number of vehicles ahead of a spring and summer selling season that includes some factory shutdowns for retooling.

“We actually feel pretty good about where we are,” he said. “It’s something that obviously we’re watching. But right now, no signs of any softness that we can see.”


Regarding GM’s embattled Cruise autonomous vehicle unit, Jacobson said Tuesday the company expects to spend $1.7 billion on the operations this year as it relaunches operations following an October accident involving a pedestrian.

Barra said the automaker is evaluating how to the fund Cruise, of which GM owns more than 80%, moving forward, including potentially accepting additional outside investments.

Correction: This story has to been updated to correct that General Motors plans to produce between 200,000 and 300,000 EVs during 2024.

Don’t miss these exclusives from CNBC PRO


Meet Jaydon Hermann, the driving force behind Business Press Daily. As our Editor-in-Chief, Jaydon is dedicated to delivering the latest and most insightful news in the business world. With a passion for uncovering stories that matter, Jaydon leads our team in providing you with the most up-to-date and informative newsroom experience.