GM Raises Guidance on Robust Truck Sales

I mentioned the SUV’s were the alpha in the reporting story for the car makers. GM is there expecting better profit this year on those truck sales in the US-led the automaker to raise its 2024 guidance by half a billion dollars. Abigail Doolittle, have you got a truck, Abby? I do not have a truck, although I do have an SUV. So I guess I’m in that larger car category. But investors really liking this quarter and the outlook, man, as the stock up right now about 5%, the best day going back to January. They put up a very nice beat across the board, adjusted earnings of two. Dollars and 62 cents, 24% better than expected. Revenues of 43 billion dollars, 2% better than expected in a difficult environment. And you were mentioning that they did increase guidance from a net income standpoint by 300 million for the year to between $10.1 billion and $11.5 billion. So some positive cheer there. CFO Paul Jacobson giving some good color saying the US consumer despite rising rates remains very resilient. They also mentioned, he also mentioned that pricing was about flat in the quarter. Those it seems as though there’s some pricing there. It could erode as the year goes on. But again, the net income they seem to be managing any sort of issue there that could happen. And all this US strength, well, it set off some of the China offset some of the China weakness given the competition in China from some of the Chinese car makers into today. Mattis the stock up 20% year to date, a banner year so far for GM.