DETROIT — Despite a small dip in U.S. vehicle sales, General Motors' first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles.
Excluding one-time items the company made $2.62 per share, easily beating Wall Street estimates of $2.13 per share. GM's better-than-forecast prices also allowed the company to raise its full year net income guidance slightly to a range of $10.1 billion to $11.5 billion, up from $9.8 billion to $11.2 billion. Adjusted 2024 earnings per share guidance rose to a range of $9 to $10 from $8.50 to $9.50.Shares of the company, which is planning to move its Detroit headquarters to a new downtown office building next year, jumped more than 5% in early morning trading.
Retail sales of electric vehicles rose during the quarter, and GM is producing more of its own batteries, he said. The company is on track to hit a mid single-digit profit margin on EVs next year. “Improving module availability is enabling higher vehicle production, which we believe will help us win even more new customers in the growing U.S. EV market,” she said.
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