on Tuesday reported a higher quarterly net income for the fourth quarter, and forecast stronger-than-expected earnings in 2023, sending its shares up over 5 per cent in premarket trading.
The company expects its core auto operations to perform at a consistently strong level in 2023, with full-year net income attributable to stockholders of $8.7-billion-$10.1-billion, adjusted EBIT of $10.5-billion-$12.5-billion, and diluted and adjusted earnings per share of $6.00-$7.00. For the full year, GM’s profit dropped to $9.9-billion from $10-billion in 2021. EBIT-adjusted income of $14.5-billion was a record, up slightly from $14.3-billion a year earlier.
The company expects adjusted automotive free cash flow of $5.0-billion to $7.0-billion in 2023, with net automotive cash from operating activities of $16.0-billion to $20.0-billion. In the fourth quarter, GM earned $2.0-billion, up from $1.7-billion the previous year. EBIT-adjusted income of $3.8-billion topped the year-earlier $2.8-billion, as higher prices and increased sales volume in North America more than offset higher costs.Tickers mentioned in this storyBuild your personal news feed