Ford Motor (NYSE: F) stock fell during intraday trading, mirroring the decline in General Motors (NYSE: GM) shares. GM stock dropped over 6% despite reporting strong second-quarter earnings results and raising its guidance.
General Motors (NYSE: GM) recently reported better-than-expected second-quarter financial results. The automaker’s revenue for the quarter came in at $47.969 billion, outperforming the consensus estimate of $45.302 billion. GM’s adjusted earnings per share (EPS) of $3.06 also beat expectations, set at $2.72 per share.
Mary Barra, Chair and CEO of General Motors, made the following comments on the results,
“As I hope you can see from our results, our new products, the progress at Cruise, and our higher guidance, we are making the most of every opportunity. It was truly a great first half. And we have the products, discipline, and strategies to drive future success.”
General Motors has lifted its 2024 financial guidance following the strong quarterly performance.
- Adjusted earnings per share (EPS): The new range is $9.50 to $10.50, up from the previous range of $9 to $10 per share, compared to estimates of $9.71.
- EBIT-adjusted: The guidance has been increased from $12.5 billion to $14.5 billion to a new range of $13 billion to $15 billion.
- Automotive operating cash flow: The company raised the forecast from $18.3 billion to $21.3 billion to a new range of $19.2 billion to $22.2 billion.
In contrast, Ford (NYSE: F) plans to report its second-quarter financial results after the market closes on Wednesday. Analysts anticipate Ford will report earnings of 68 cents per share on quarterly revenue of $43.756 billion. For comparison, in the second quarter of 2023, Ford beat analyst estimates with 72 cents earnings per share (EPS) and revenue of $42.427 billion.
Ford Motor (NYSE: F) Stock Reaction
Ford stock dropped 2.05% on Tuesday, closing at $13.83, marking a 3.89% decrease for the week. The trading volume was 85,456,303 shares, significantly higher than the average daily volume of 49.07 million.
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