GM, Ford, Stellantis second-quarter earnings: What analysts expect

DETROIT — Wall Street expects General Motors to be the standout among the traditional Detroit automakers when they report second-quarter results this week, with sales and vehicle prices stable during the first half of the year for America’s largest carmaker.

GM is forecast to report a solid adjusted profit of $2.75 per share, up 44.2% from a year earlier, and $45.46 billion in revenue, up 1.6% over the prior-year period, according to average analyst estimates compiled by financial markets data and analytics company LSEG.

That compares to LSEG estimates for Ford Motor that call for adjusted earnings per share of 68 cents for the second quarter, down 5.2% from the second quarter of 2023. Ford’s automotive revenue is expected to increase 3.8% compared to a year earlier to $44.02 billion, according to LSEG.

GM reports earnings before markets open Tuesday. Ford is scheduled to report Wednesday afternoon after markets close, followed by Chrysler parent Stellantis, which reports earnings biannually, releasing its first-half results Thursday morning.

Several Wall Street analysts expect GM to guide toward the higher end of the automaker’s already raised guidance for 2024, if not raise it again as part of its second-quarter results. There’s less of a consensus regarding outlooks for Stellantis and Ford.

“We expect both Ford and GM to post solid 2Q beats, driven by favorable pricing; volume/mix will be a benefit for Ford, while GM should benefit from easy comps on cost,” Barclays analyst Dan Levy said in a July 15 investor note. “Both are expected to raise 2024 guidance.”

Evercore analyst Chris McNally remains “positive [on] GM (particularly over Ford),” citing the automaker’s lower pricing. Evercore still expects a “solid” second quarter for Ford, though, trending toward the upper half of its previously announced 2024 guidance.

Ford’s guidance for the year includes adjusted earnings before interest and taxes, or EBIT, of between $10 billion and $12 billion and free cash flow of $6.5 billion to $7.5 billion.

GM’s 2024 guidance comes in at adjusted earnings of $12.5 billion to $14.5 billion, or $9 to $10 a share, and adjusted automotive free cash flow in a range of $8.5 billion to $10.5 billion.

“Expect both companies to report solid quarters with either confident confirmations of prior guides (i.e. upper-end of ranges) or modest upward revisions,” Citi analyst Itay Michaeli said in a July 11 investor note.

Stellantis, with major operations in North America and Europe, is in a different position compared to its rivals.

The transatlantic automaker is expected to report an…