Ford Motor Company (NYSE: F) stock saw a modest increase in its value in the intraday trading Tuesday after General Motors Company (NYSE: GM) lifted its 2024 guidance.
General Motors (NYSE: GM) has delivered robust first-quarter financial results, outperforming market expectations and demonstrating significant growth momentum.
The Detroit-based automaker reported sales of $43 billion, beating the consensus estimate of $41.878 billion. GM reported adjusted earnings of $2.62 per share, outpacing estimates of $2.14.
The better-than-expected Q1 results prompted GM to revise its adjusted earnings guidance upwards. The company now expects earnings to range between $9 and $10 per share, up from the previous $8.50 to $9.50 range, surpassing estimates of $9.08 per share. The company has also raised its adjusted automotive free cash flow guidance, increasing the range from $8 billion to $10 billion to a new range of $8.5 billion to $10.5 billion.
Mary Barra, the CEO of General Motors, expressed optimism in a letter to shareholders, highlighting the company’s commitment to profitability and capital efficiency.
She stated,
“Globally, our team is leaning into every opportunity with a focus on profitability to build on our strong start to 2024. That’s why we’re raising our full-year earnings, earnings per share, and free cash flow guidance.”
She further underscored GM’s commitment to strengthening its internal combustion engine (ICE) portfolio, scaling electric vehicles (EVs), and reinvesting in the business to drive sustainable growth. She reiterated the company’s focus on enhancing profitability and free cash flow to create long-term shareholder value.
Following the release of its earnings report, GM stock experienced a notable uptick, rising about 4.5%.
Ford Q1 Earnings Forecast
Meanwhile, Ford Motor is set to report its first-quarter financial results after the market close on Wednesday. Analysts forecast earnings of 42 cents per share on revenue of $40.137 billion, with market attention focused on how Ford’s results will compare to GM’s strong performance.
Ford Motor (NYSE: F) Stock Reaction
At the time of this report, Ford stock is trading at $12.94, showing a 0.47% increase from the previous trading session. This week, it has seen a surge in value of 7.03%. Trading activity has seen 62,578,824 (62.57 million) shares change hands, well above the average daily volume of 54.14 million.
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