General Motors (GM) reported a solid financial performance for the quarter ended June 30, 2024, with notable year-over-year improvements. Total net sales and revenue increased by 7.2% to $47.969 billion, driven by strong demand for full-size pickup trucks and SUVs, as well as growth in the company's finance charge income. Net income attributable to stockholders rose to $2.933 billion, up from $2.566 billion in the same period last year. Diluted earnings per common share (EPS) also saw an increase to $2.55, compared to $1.83 in the previous year. The company's EBIT-adjusted was $4.438 billion, a 38.8% increase from the prior year, with an EBIT-adjusted margin of 10.9%. GM's North America (GMNA) segment contributed significantly to the results with a 9.4% increase in net sales...Show More

General Motors (GM) reported a solid financial performance for the quarter ended June 30, 2024, with notable year-over-year improvements. Total net sales and revenue increased by 7.2% to $47.969 billion, driven by strong demand for full-size pickup trucks and SUVs, as well as growth in the company's finance charge income. Net income attributable to stockholders rose to $2.933 billion, up from $2.566 billion in the same period last year. Diluted earnings per common share (EPS) also saw an increase to $2.55, compared to $1.83 in the previous year. The company's EBIT-adjusted was $4.438 billion, a 38.8% increase from the prior year, with an EBIT-adjusted margin of 10.9%. GM's North America (GMNA) segment contributed significantly to the results with a 9.4% increase in net sales and revenue, while the International segment (GMI) faced challenges, including a 16.6% decrease in revenue and a decline in equity income from its China joint ventures. Cruise, GM's autonomous vehicle segment, reported a loss but is resuming operations and focusing on a more capital-efficient plan. GM Financial's revenue grew by 13%, with a total revenue of $7.730 billion for the first half of the year. The company's liquidity remains strong, with total available liquidity at $35.8 billion, and it continues to invest in electric vehicles and autonomous technology. GM also returned value to shareholders through dividends and a share repurchase program, with $6.0 billion remaining under the current authorization.