GM to report Q2 earnings before bell

General Motors is set to report its second-quarter earnings before the market opens on Tuesday, with Wall Street analysts expecting a year-over-year increase in profits despite a slowdown in vehicle sales. The automaker is projected to post adjusted earnings per share of $2.77, up from $1.91 in the same period last year, according to consensus estimates compiled by CNBC. Revenue is forecast to reach $44.7 billion, compared to $41.4 billion a year ago.

The earnings report comes amid a challenging environment for the auto industry, with rising interest rates and inflation pressuring consumer demand. GM has been navigating supply chain disruptions and higher raw material costs, but the company has benefited from strong pricing on its trucks and SUVs, as well as growth in its electric vehicle lineup. The results will be closely watched by investors for signs of how GM is managing the transition to EVs and whether it can maintain its profit margins.

Analysts are also focusing on GM's guidance for the rest of the year. The company previously reaffirmed its full-year 2024 adjusted earnings forecast of $12.50 to $14.50 per share, but any changes to that outlook could move the stock. GM shares have risen about 30% year-to-date, outperforming the broader market, but the stock could swing nearly 7% after the earnings release, according to options market data from TipRanks.

In the first quarter, GM reported adjusted earnings of $2.62 per share on revenue of $43.0 billion, beating expectations. The company also announced a $6 billion share buyback program in April. Looking ahead, GM faces technical risks ahead of its Q2 report, as noted by GuruFocus, with the stock trading near resistance levels. The earnings release will be followed by a conference call with executives at 8:30 a.m. ET, where they are expected to discuss quarterly results and the company's strategy for EV production and cost reduction.