DETROIT (Reuters) -General Motors reported second-quarter profit and revenue on Tuesday that beat Wall Street's expectations, and raised its annual profit...
DETROIT - General Motors reported second-quarter profit and revenue on Tuesday that beat Wall Street's expectations, and raised its annual profit forecast for a second time this year, buoyed by strong pricing and demand for gas-powered trucks.
The company reported adjusted earnings per share of $3.06 that beat Wall Street's average estimate of $2.75, according to LSEG data. The carmaker reported $48 billion in revenue for the three-month period, surpassing analysts' consensus of $45.5 billion in the June quarter. GM's stock has outperformed its rivals and the S&P 500 in 2024. The company's share price has increased 38% this year, while cross-town rival Ford Motor has notched an 18% increase, and Jeep-maker Stellantis lost 11%.GM received another cash boost from the U.S. government this summer to support its EV ambitions, although it has walked back many of its targets during the last year.
Still, GM executives said the company is scaling up production of the Chevrolet Equinox EV and plans to launch several new battery-powered models over the coming months. "It's clear that the steps that we have taken, while significant, have not been enough," Jacobson said.
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