General Motors Q4 Profit Up, Tops Estimates; Sees FY23 Adj. EPS Above Market; Stock Up In Pre-market

(RTTNews) - Automaker General Motors Co. (GM) on Tuesday reported that its fourth-quarter net income attributable to stockholders grew 14.8 percent to $2 billion from last year's $1.74 billion.

Earnings per share were $1.39, up 19.8 percent from $1.16 last year. Adjusted earnings per share were $2.12, compared to $1.35 a year ago.

On average, 16 analysts polled by Thomson Reuters expected earnings of $1.69 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter climbed 28.4 percent to $43.11 billion from $33.58 billion a year ago. Analysts expected sales of $40.65 billion.

Looking ahead for fiscal 2023, the company expects its core auto operations to perform at a consistently strong level in 2023. The company projects full-year net income attributable to stockholders of $8.7 billion to $10.1 billion, EBIT-adjusted of $10.5 billion to $12.5 billion, and adjusted earnings per share of $6.00-$7.00.

In fiscal 2022, net income attributable to stockholders was $9.93 billion, and adjusted earnings were $7.59 per share.

Analysts expect the company to earn $5.81 per share for the year.

In pre-market activity on the NYSE, GM shares were gaining around 6 percent to trade at $38.35.

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