From “RTTNews”:

General Motors Co. reported higher profit and almost flat revenues in Q4, beating market estimates. 2024 projected earnings per share are above last year and also surpass Street estimates. GM shares increased by over 9 percent to trade at $38.67 on the NY Stock Exchange. The company projects net income of $9.8 to $11.2 billion for fiscal 2024. Earnings per share are expected to be in the range of $8.50 to $9.50 for the year, compared to $7.32 in 2023.

The 2024 guidance includes an estimated $1.45 per share impact from the company’s accelerated share repurchase program, initiated in November 2023. The company’s anticipated capital spending for 2024 is $10.5 billion – $11.5 billion. For fiscal 2023, total company revenue grew 10 percent year-over-year to $171.84 billion.

In Q4, GM’s net income attributable to stockholders was $2.10 billion or $1.59 per share, 5.2% higher than last year’s fourth quarter. Adjusted earnings were $1.24 per share for the period, compared to $2.12 per share a year ago. Adjusted EBIT fell 53.8% to $1.76 billion from last year’s $3.80 billion. The company’s revenue for the quarter fell 0.3% to $42.98 billion from $43.11 billion last year.



Read more: GM Q4 Results Top Estimates, Sees FY24 Earnings Above Market; Stock Up