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General Motors | 8-K: GM Releases 2024 First-Quarter Results and Raises Full-Year Guidance

SEC announcement ·  Apr 23 19:19
Summary by Futu AI
On April 23, 2024, General Motors Company (GM) released its first-quarter financial results for the year 2024, announcing a revenue of $43.0 billion, a net income attributable to stockholders of $3.0 billion, and an EBIT-adjusted of $3.9 billion. The company also raised its full-year earnings guidance, with updated figures for net income attributable to stockholders now ranging between $10.1 billion and $11.5 billion, and EBIT-adjusted between $12.5 billion and $14.5 billion. The updated guidance reflects an increase from the previous estimates. GM's financial performance includes anticipated capital spending of $10.5 billion to $11.5 billion, inclusive of investments in battery cell manufacturing joint ventures. The company's Chair and CEO Mary Barra, along with CFO Paul Jacobson, hosted a conference call to discuss the results. The financial guidance...Show More
On April 23, 2024, General Motors Company (GM) released its first-quarter financial results for the year 2024, announcing a revenue of $43.0 billion, a net income attributable to stockholders of $3.0 billion, and an EBIT-adjusted of $3.9 billion. The company also raised its full-year earnings guidance, with updated figures for net income attributable to stockholders now ranging between $10.1 billion and $11.5 billion, and EBIT-adjusted between $12.5 billion and $14.5 billion. The updated guidance reflects an increase from the previous estimates. GM's financial performance includes anticipated capital spending of $10.5 billion to $11.5 billion, inclusive of investments in battery cell manufacturing joint ventures. The company's Chair and CEO Mary Barra, along with CFO Paul Jacobson, hosted a conference call to discuss the results. The financial guidance and results were detailed in a news release and supplemental materials, which are available on GM's website. The company's first-quarter performance showed a 7.6% increase in revenue and a 24.4% increase in net income attributable to stockholders compared to the same period in the previous year. GM's automotive operating cash flow also saw a significant increase of 61.2%. The company's focus on an all-electric future is centered around the Ultium battery platform, which powers a range of vehicles from mass-market to high-performance models.

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