Automaker General Motors (GM) has issued fourth quarter earnings that beat analyst expectations and issued bullish guidance for the year ahead.
General Motors reported Q4 earnings per share (EPS) of $2.12 U.S. versus $1.69 U.S. that was expected on Wall Street. The Detroit company’s revenue for the quarter came in at $43.11 billion U.S. compared to $40.65 billion U.S. that was forecast.
The fourth-quarter results were also ahead of the year earlier period, when the automaker reported EPS of $1.35 U.S. and revenue of $33.58 billion U.S.
GM’s full-year 2022 revenue was $156.7 billion U.S., while net income attributable to shareholders was $9.9 billion U.S.
For 2023, GM says it now expects net income attributable to shareholders of $8.7 billion U.S. to $10.1 billion U.S. Those results would be below 2022 earnings, but above average analyst forecasts that called for EPS of $5.73 U.S. this year.
The strong results and positive forward guidance come as the U.S. automotive industry is beginning to normalize after several years of record-low inventories and strong consumer demand that translated into record results.
GM’s stock rose nearly 5% on news of the Q4 earnings. Over the last year, the company’s stock has declined 31% to $36.29 U.S. per share.
