Summary
General Motors Co. (GM) reported a strong second quarter for 2024, with total net sales and revenue reaching $47.97 billion, a significant increase from $44.75 billion in the prior year period. This growth was primarily driven by the Automotive segment, which saw net sales rise to $44.06 billion. Net income attributable to stockholders also saw a healthy increase, reaching $2.93 billion, up from $2.57 billion year-over-year, leading to diluted earnings per share of $2.55 compared to $1.83 in Q2 2023. The company's financial health remains robust, supported by strong operating income and a solid cash position. GM Financial continues to be a significant contributor to overall revenue and profitability. While the company navigates industry pressures such as pricing moderation and inflationary impacts, it maintains a positive outlook for the full year, expecting net income attributable to stockholders between $10.0 billion and $11.4 billion. Significant investments continue in electric vehicles (EVs) and autonomous vehicle (AV) technology, though the Cruise segment faced restructuring charges impacting short-term results.
Financial Highlights
44 data points| Revenue | $47.97B |
| Operating Expenses | $44.10B |
| Operating Income | $3.87B |
| Net Income | $2.93B |
| EPS (Basic) | $2.57 |
| EPS (Diluted) | $2.55 |
| Shares Outstanding (Basic) | 1.14B |
| Shares Outstanding (Diluted) | 1.15B |
Key Highlights
- 1Total net sales and revenue increased by 7.2% to $47.97 billion for the three months ended June 30, 2024, compared to $44.75 billion in the prior year.
- 2Net income attributable to stockholders rose to $2.93 billion for the quarter, up from $2.57 billion in the same period last year.
- 3Diluted earnings per share (EPS) improved to $2.55 from $1.83 in the prior year's second quarter.
- 4GM Financial demonstrated strong performance with revenue increasing by 12.0% to $3.92 billion for the quarter.
- 5The company reaffirmed its full-year 2024 outlook, projecting net income attributable to stockholders between $10.0 billion and $11.4 billion.
- 6Significant investments continue in the EV and AV space, although Cruise incurred restructuring charges impacting the current quarter's results.
- 7Automotive and other cost of sales increased by 5.4% to $38.62 billion, primarily due to volume and mix impacts, partially offset by cost efficiencies.