General Motors Q3 2024 revenue and EPS topped analysts estimates, boosted by continued strength in pricing
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General Motors’ Q3 2024 revenue rose 10.5% y/y to $48.76 billion, exceeding analysts’ estimate of $44.59 billion while EPS came in at $2.96 versus $2.43 estimate.
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GM’s results were boosted by continued strength in pricing.
“Pricing for the quarter was up $900 million year over year and better than what we assumed in our guidance. About half of this pricing benefit was from really strong performance from our midsized SUVs, especially the Chevrolet Traverse. The rest was primarily from pricing adjustments that we made on our full-size SUVs and the Corvette in the fourth quarter of last year, which have now been fully lapped,” CEO Paul Jacopson said in the earnings call.
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Jacopson said in the media briefing that the consumer remains strong.
“The consumer has held up remarkably well for us,” he said. “Nothing we see has changed from where we’ve been for the last several quarters.”
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GM raised its full-year 2024 adjusted EBIT to a range of $14 billion and $15 billion (previously: $13- $15 billion).