GM Beats Fourth Quarter Estimates, Sees Higher Profit in 2024

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GM Beats Fourth Quarter Estimates, Sees Higher Profit in 2024

Bloomberg01-30

General Motors Co. beat Wall Street expectations for the fourth quarter and expects profits this year to grow on improved sales in the US — but may still fall short of record levels set two years ago....

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For the current year, GM sees adjusted EBIT in a range of $12 billion to $14 billion. The low end of that is shy of 2022’s record $14.5 billionGM’s guidance for stronger profits this year shows the two distinctively different sides of the automaker. While it struggles to build electric vehicles that are a keystone of Chief Executive Officer Mary Barra’s long-term growth plan and its Cruise robotaxi business is on full reboot, GM’s core business of making gasoline-powered trucks and SUVs is throwing off a lot of cash.Those proceeds are going back into R&D while also funding rich buybacks and dividend hikes.GM expects demand for vehicles to remain robust, spurred in part by optimism about a soft-landing for the US economy — a stark shift from its previous caution about economic headwinds.“Consensus is growing that the US economy, the job market and auto sales will continue to be resilient,” Barra said in a letter to shareholders. She added that the company expects overall US auto sales to climb to about 16 million vehicles “with the mix of EVs continuing to grow.”That’s up from 15.5 million in the US last year and would be the highest level since 2019.GM’s more bullish outlook for profits stems less from an uptick in global sales than from belief its biggest problems in 2023 are in the rearview mirror. GM will spend about $1 billion less on robotaxi unit Cruise, a $1.7 billion drain from its EV business is seen shrinking and the company won’t suffer another strike, which ate $1.1 billion last year.It reported fourth-quarter adjusted profit of $1.24 a share on Tuesday, besting analysts’ projection for $1.16 a share. But that was below the $2.12 per share a year ago and $2.28 per share in the third quarter, partly as a result of a 46-day strike that shut down several plants.GM’s revenue in the latest quarter totaled $43 billion, down slightly from the same period in 2023 but above analysts’ projection for $39.53 billion.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}