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GM earnings top forecasts, company raises outlook and sees 'variable profit' in EV unit by year-end

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GM results beat expectations as the automaker cited a 'resilient' consumer driving sales and profits higher.

) kept the earnings momentum going with strong first quarter results on Tuesday, as the automaker upped its full-year guidance and said it still sees "positive variable profit" in its EV business in the back half of 2024.top-line revenue of $43.0 billion, more than the $42.09 billion analysts were expecting, according to Bloomberg data. That was a jump of 7% on the same period a year ago and matched the last quarter's $43 billion in sales.

GM CFO Paul Jacobson said in a media call with reporters that boosting GM's guidance following its "strong" first quarter was "the right thing to do.” LINCOLNWOOD, ILLINOIS - JANUARY 31: A Cadillac Lyriq 450E is offered for sale at the Zeigler Cadillac of Lincolnwood dealership on January 31, 2023 in Lincolnwood, Illinois. General Motors, the makers of the Cadillac brand, reported better than expected fourth-quarter earnings today and predicted a strong 2023, sending the stock price up more than 8 percent at the close of trading. GM had previously abandoned its goal of building 400,000 EVs through mid-2024.

Chevrolet’s Blazer EV notched just 500 sales in the quarter, though it only resumed sales in March following a halt in sales due to a software issue. The highly anticipated Equinox EV begins sales later in the second quarter, with prices Auto parts distributor LKQ cut its full-year sales forecast on Tuesday and missed estimates for first-quarter profit amid falling metal prices and softening demand for spares in North America.

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