General Motors (GM) earnings Q4 2024

DETROIT — General Motors stock fell more than 8% in trading Tuesday even as the company beat Wall Street’s top- and bottom-line expectations for the fourth quarter, while forecasting continued strong results for 2025.

Concerns of Wall Street analysts on the company’s quarterly earnings call focused on the automaker’s preparation for changes under the Trump administration, including the impacts of potential tariffs on vehicle production and policy changes on electric vehicle sales and pricing, signaling an overhang on the auto industry.

Wall Street analysts have said there’s a lack of enthusiasm by investors for the U.S. automotive industry amid a slowdown in electric vehicles and autonomous vehicles, as well as regulatory volatility.

The Detroit automaker believes it can have another solid year despite industry sales slowing, a restructuring of its operations in China, and increased geopolitical and regulatory uncertainty in the U.S. as President Donald Trump begins his second term. 

GM’s 2025 guidance includes net income attributable to stockholders of $11.2 billion to $12.5 billion, or $11 to $12 in earnings per share; adjusted earnings before interest and taxes (EBIT) of $13.7 billion to $15.7 billion, or $11 to $12 adjusted EPS; and adjusted automotive free cash flow between $11 billion and $13 billion.

“In our view, the guidance for 2025 leaves no room for errors, and also does not include impact from regulatory changes in the U.S., especially on tariffs and BEV support,” analysts at Bernstein said in a note.

GM’s 2025 financial guidance met or exceeded many forecasts from Wall Street analysts. Most notably, analysts were expecting adjusted earnings of around $14 billion.

That compares with the automaker’s 2024 results of adjusted EBIT of $14.9 billion, or $10.60 adjusted EPS, and net income attributable to stockholders of $6 billion, or $6.37 EPS. The adjusted figures and the $14 billion in adjusted auto free cash flow were records for the automaker, GM said. 

GM CFO Paul Jacobson said the company’s 2025 guidance does not take into account any potential regulatory changes such as tariffs on vehicle imports or tax reform.

Here’s how the company performed in the fourth quarter, compared with average estimates compiled by LSEG:

• Earnings per share: $1.92 adjusted vs. $1.89 estimated
• Revenue: $47.7 billion vs. $43.93 billion estimated

GM’s $47.7 billion in revenue in the fourth quarter was up 11% from the same period last year.

Jacobson said the company’s 2024 performance was “outstanding,” citing growth in its EV and traditional internal combustion engine businesses. 

GM lost $2.96 billion, or $1.64 per share, in the fourth quarter, which ended Dec. 31, compared with earnings of $2.1 billion, or $1.59 per share, in the same period a year earlier.

GM’s quarterly results include $5 billion in special charges such as $4 billion in noncash restructuring charges related to its operations in China and $500 million in charges related to the decision to…