Ford Stock Is Trading Higher Tuesday: What's Going On?

Ford Motor Co F shares are trading higher Tuesday after General Motors Co GM raised its outlook for 2024.

What Happened With GM: GM reported first-quarter financial results before the market open on Tuesday. The Detroit-based automaker reported sales of $43 billion, which beat the consensus estimate of $41.878 billion, according to Benzinga Pro. GM reported adjusted earnings of $2.62 per share, which beat estimates of $2.14 per share.

GM raised its adjusted earnings guidance from a range of $8.50 to $9.50 per share to a new range of $9 to $10 per share, versus estimates of $9.08 per share. GM also raised its adjusted automotive free cash flow guidance from a range of $8 billion to $10 billion to a new range of $8.5 billion to $10.5 billion.

“Globally, our team is leaning into every opportunity with a focus on profitability to build on our strong start to 2024. That's why we're raising our full-year earnings, earnings per share and free cash flow guidance,” CEO Mary Barra said in a letter to shareholders.

“We continue to strengthen our ICE portfolio, scale EVs and reinvest in the business, we are very focused on capital efficiency, enhancing profitability and free cash flow, and we will continue to take steps to create shareholder value.”

GM shares were up approximately 4.5% following the company’s earnings report. Ford is due to report its own first-quarter financial results after the market close on Wednesday. The company is expected to report earnings of 42 cents per share on revenue of $40.137 billion, according to estimates from Benzinga Pro.

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F Price Action: Ford shares were up 1.79% at $13.11 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Ford.