The earnings call reflects a positive financial performance with strong revenue growth, improved guidance, and significant progress in EV production and ICE market share. However, challenges remain, particularly in terms of warranty costs and operations in China, which GM is addressing through strategic actions.

Company Guidance

During GM's Q3 2024 earnings call, the company provided several key financial metrics and guidance updates. GM raised its full-year EBIT adjusted guidance to a range of $14 billion to $15 billion and EPS diluted adjusted to between $10 and $10.50, emphasizing a strong performance at the upper end of previous guidance. The company also increased its adjusted automotive free cash flow guidance to between $12.5 billion and $13.5 billion. GM highlighted its intention to produce and wholesale approximately 200,000 EVs in North America this year, aiming to achieve variable profit positivity in Q4. In terms of inventory management, GM ended the quarter with 68 days of ICE vehicle inventory and 10 to 12 EVs per dealer. Additionally, GM repurchased $1 billion worth of stock during the quarter, reducing its diluted share count by 19% year-over-year. The company expects to retire approximately 25 million more shares in the fourth quarter, bringing the total shares retired in its accelerated share repurchase program to nearly 250 million.

Strong Financial Performance

GM reported a 10% increase in revenue to $49 billion and achieved $4.1 billion in EBIT adjusted with an 8.4% EBIT-adjusted margin for Q3 2024. EPS diluted adjusted rose by roughly 30% year-over-year to $2.96.

EV Production and Sales Growth

GM is on track to produce and wholesale about 200,000 EVs in North America this year, with their total EV market share approaching 10% and conquest rates over 60%.

Improved Financial Guidance

GM raised its full-year guidance for EBIT adjusted to $14-$15 billion and EPS diluted adjusted to $10-$10.50, both at the high end of previous guidance.

Strong ICE Portfolio Performance

The company maintained strong pricing in its ICE portfolio, with U.S. incentives approximately 2.4 percentage points lower than the industry average. New and redesigned ICE SUVs are driving volume and retail market share growth.

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General Motors (GM) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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GM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 28, 2025	2024 (Q4)	1.72 / -	1.24	―	―	―
Oct 22, 2024	2024 (Q3)	2.38 / 2.96	2.28	29.82% (+0.68)
Jul 23, 2024	2024 (Q2)	2.70 / 3.06	1.91	60.21% (+1.15)
Apr 23, 2024	2024 (Q1)	2.13 / 2.62	2.21	18.55% (+0.41)
Jan 30, 2024	2023 (Q4)	1.16 / 1.24	2.12	-41.51% (-0.88)
Oct 24, 2023	2023 (Q3)	1.87 / 2.28	2.25	1.33% (+0.03)
Jul 25, 2023	2023 (Q2)	1.86 / 1.91	1.14	67.54% (+0.77)
Apr 25, 2023	2023 (Q1)	1.72 / 2.21	2.09	5.74% (+0.12)
Jan 31, 2023	2022 (Q4)	1.69 / 2.12	1.35	57.04% (+0.77)
Oct 25, 2022	2022 (Q3)	1.88 / 2.25	1.52	48.03% (+0.73)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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GM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 22, 2024	$48.82	$53.61	+9.81%
Jul 23, 2024	$49.32	$46.16	-6.41%
Apr 23, 2024	$42.89	$44.77	+4.38%
Jan 30, 2024	$35.03	$37.76	+7.79%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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