General Motors stock soars 6.5% after earnings crush estimates

General Motors Co.’s stock
GM,
+0.60%
jumped 6.5% early Tuesday, after the auto giant . The company posted net income of $2.102 billion, or $1.59 a share, for the quarter, up from $1.999 billion, or $1.39 a share, in the year-earlier period. Adjusted per-share earnings came to $1.24, ahead of the $1.16 FactSet consensus. Revenue fell to $42.980 billion from $43.108 billion, but was also ahead of the $38.809 billion FactSet consensus. The company is now expecting 2024 EPS of $8.50 to $9.50, while FactSet is expecting $7.75. It expects capex of $10.5 billion to $11.5 billion, including investments in its battery cell manufacturing joint ventures. The stock has fallen 2.5% in the last 12 months, while the S&P 500
SPX,
+0.76%
has gained 22.7%.