GM far exceeds second-quarter estimates, will restructure struggling China business

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Breaking News: Earnings Nouvelles

Detroit,Earnings,General Motors Co

GM's North American operations, driven by truck sales, were largely responsible for the company's second-quarter beat and guidance raise.

General Motors is raising several key financial targets for 2024 after easily beating Wall Street's earnings expectations for the second quarter.CREATE FREE ACCOUNT

Its unadjusted net income was $2.88 billion, up 14.8% from a year earlier. GM said its revenue for the second quarter was a new quarterly record for the automaker, up 7.2% compared to $44.75 billion a year earlier."It was truly a great first half and second quarter, and we're positioned to have a very strong year," GM CFO Paul Jacobson said during a media briefing.

While GM outperformed in several areas, it did not achieve an anticipated return to profitability in China, where the automaker has experienced significant declines in earnings. GM's international operations, which include South Korea, Brazil and the Middle East, reported adjusted earnings of $50 million during the second quarter, down 78.8% from a year earlier. Its financing arm reported adjusted earnings of $822 million, up 7.3% from a year earlier.Its EV deliveries during the quarter increased 40% compared to a year earlier to 21,930 units. Still, EVs made up only 3.2% of its total second-quarter U.S. sales.

 

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