General Motors (GM) exceeded analysts’ expectations on Wall Street for the fourth quarter of last year, while expecting another strong year despite potential economic headwinds.
The company’s projections for 2024 indicate a net income of $9.8 billion to $11.2 billion, or $8.50 to $9.50 per share.
It also expects adjusted profit before interest and taxes to range from $12 billion to $14 billion, or $8.50 to $9.50 per share, and anticipates free cash flow to be between $8 billion and $10 billion.
Earnings per share reached $1.24, surpassing estimates of $1.16, according to LSAJ estimates, while revenues reached $42.98 billion, compared to estimates of $38.67 billion. In the fourth quarter, GM reported net income attributable to shareholders of $2.1 billion, or $1.59 per share, compared to $2 billion, or $1.39 per share, in the previous year.
Revenues remained largely steady on a yearly basis, reaching $42.98 billion compared to $43.11 billion in the last three months of 2022.
GM’s full-year revenues for 2023 increased by approximately 10% compared to the previous year, reaching $171.84 billion, with net income attributable to shareholders totaling $10.13 billion and adjusted profit before interest and taxes amounting to $12.36 billion.
This is compared to revenues of $156.74 billion, net income attributable to shareholders of $9.93 billion, and adjusted profit before taxes and depreciation of $14.47 billion in 2022.
GM’s stock has dropped less than 2% this year after increasing by about 7% last year, supported by a $10 billion accelerated share repurchase program announced in late November. (Agencies)
