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General Motors Company (GM), headquartered in Detroit, Michigan, designs, builds, and sells trucks, crossovers, cars, and auto parts, and provides software-based services and subscriptions worldwide. The company, valued at $53.57 billion at market capitalization, is known for iconic brands such as Chevrolet, Cadillac, and GMC. The automotive giant is expected to report its fiscal second quarter 2024 financial results before the market opens on Tuesday, July 23.

Ahead of the event, analysts expect GM to report earnings of $2.67 per share on a diluted basis, up 39.8% from $1.91 per share in the year-ago quarter. The company has consistently topped Wall Street earnings per share estimates in its last four quarterly reports. GM raised its full-year guidance in the previous quarter.

For the full year, analysts forecast GM will report earnings per share of $9.43, up 22.8% from earnings of $7.68 in fiscal 2023.

GM shares outpaced the S&P 500’s ($SPX) gain of 15.5% YTD, with the stock up 30.7% in the period. It similarly outpaced the Nasdaq Transportation ETF’s (FTXR) gain of 3.6% in the same period.

On April 23, GM shares closed up more than 4% after reporting first-quarter adjusted earnings per share of $2.62, which beat the $2.12 consensus. The company raised its full-year adjusted earnings per share guidance to $9 to $10 from its previous guidance of $8.50 to $9.50.

GM’s overall results were attributable to share repurchase initiatives and an improved full-year outlook. Last month, the company’s Board of Directors approved a new share repurchase program for up to $6 billion of its outstanding common stock. The announcement follows GM’s approval of an accelerated share repurchase of $10 billion in November 2023.

The consensus view on General Motors stock is Bullish, with an overall rating of “Moderate Buy.” Of the 20 analysts covering the stock, 13 recommend a “Strong Buy” rating, one suggests a “Moderate Buy” rating, five analysts give a “Hold” rating, and one suggests a “Strong Sell” rating.

The average analyst price target for General Motors is $55, indicating a potential upside of 17.1% from current levels.

On the date of publication, Dipanjan Banchur did not hold (directly or indirectly) a position in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. For more information, please refer to Barchart’s Disclosure Policy here.