GM Earnings: China Problems Worsening While EV Volumes Rise and Combustion Business Strong

GM reported good second-quarter results with adjusted diluted earnings per share of $3.06, up 60.2% year over year, beating the LSEG consensus of $2.75. The company raised 2024 adjusted EBIT and adjusted EPS guidance (the latter’s midpoint is now $10.00 instead of $9.50). However, the stock fell 6.4% on July 23, which we attribute to worsening China results and the higher EPS guidance mostly from adding back more special items than in previous guidance. We also calculate that adjusted EPS would have been about $2.53, excluding share repurchases.