general motors (GM) – Get Free Report Following a year in which the automaker overtook Toyota as the country’s largest distributor, it announced better-than-expected fourth-quarter earnings on Tuesday while announcing a strong outlook for 2023.
General Motors reported adjusted earnings of $2.12 per share for the three months to December, up 57% from the year-ago quarter and well above the Street consensus of $1.69 per share. GM said group revenue was pegged at $43.1 billion, up 28.3% from last year and beating analyst consensus of $40.65 billion.
GM sold 623,261 vehicles in the three months to December. That’s a 41% increase from last year, giving him back the US lead for the full year to Toyota. (TMs) – Get Free Report – Beat both Fords (debt) – Get Free Report and GM’s combined sales for 2021 will be the first since 1931.
Looking ahead to next year, General Motors expects adjusted net income in the $10.5 billion to $12.5 billion range, well above analyst expectations, and earnings in the $6 to $7 range per share. said it was expected.
GM shares rose 3.8% in pre-market trading shortly after the earnings release, showing an opening price of $37.67 each.
Earlier this week, GM’s main U.S. rival Ford Motor F said it would ramp up production of its flagship EV, the Mustang Mach E, while cutting overall prices for cars and batteries. years to come.