General Motors Delivers Earnings Beat And Bullish Guidance

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.