General Motors on Tuesday reported net income of $2.4 billion in the first quarter, down 19 per cent from a year earlier after accounting for buyout payments to thousands of salaried employees and some U.S. Buick dealers.
GM said it was raising its full-year guidance for adjusted EBIT by $500 million, to a range of $11 billion to $13 billion. After taking a $875 million charge for employee buyouts during the first quarter, the company reduced its 2023 net income forecast to a range of $8.4 billion to $9.9 billion, from its previous outlook of $8.7 billion to $10.1 billion.
After accounting for about $900 million in buyout payments to employees and $99 million for Buick dealers who voluntarily gave up their franchise, the company reduced its 2023 net income forecast to $8.4 billion to $9.9 billion, from its previous outlook of $8.7 billion to $10.1 billion.