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General Motors | 8-K: GM Releases 2023 Fourth-Quarter and Full-Year Results, and 2024 Guidance

SEC announcement ·  Jan 30 20:37
Summary by Futu AI
On January 30, 2024, General Motors Company (GM) released its fourth-quarter and full-year financial results for 2023, along with guidance for 2024. The company reported fourth-quarter revenue of $43.0 billion, net income attributable to stockholders of $2.1 billion, and EBIT-adjusted of $1.8 billion. For the full year, GM's revenue was $171.8 billion, with net income attributable to stockholders at $10.1 billion and EBIT-adjusted at $12.4 billion. The results exceeded the final 2023 guidance, with net income attributable to stockholders and EBIT-adjusted surpassing the upper end of the forecasted ranges. GM's 2024 guidance anticipates strong financial performance, with projected net income attributable to stockholders between $9.8 billion and $11.2 billion, and EBIT-adjusted between $12.0 billion and $14.0 billion. The company's 2024 outlook includes an estimated impact from its...Show More
On January 30, 2024, General Motors Company (GM) released its fourth-quarter and full-year financial results for 2023, along with guidance for 2024. The company reported fourth-quarter revenue of $43.0 billion, net income attributable to stockholders of $2.1 billion, and EBIT-adjusted of $1.8 billion. For the full year, GM's revenue was $171.8 billion, with net income attributable to stockholders at $10.1 billion and EBIT-adjusted at $12.4 billion. The results exceeded the final 2023 guidance, with net income attributable to stockholders and EBIT-adjusted surpassing the upper end of the forecasted ranges. GM's 2024 guidance anticipates strong financial performance, with projected net income attributable to stockholders between $9.8 billion and $11.2 billion, and EBIT-adjusted between $12.0 billion and $14.0 billion. The company's 2024 outlook includes an estimated impact from its accelerated share repurchase program initiated in November 2023, offset by a higher tax rate and lower interest income. GM's Chair and CEO Mary Barra and CFO Paul Jacobson hosted a conference call to discuss the results. The company's financial guidance for 2024 includes anticipated capital spending of $10.5 billion to $11.5 billion, inclusive of investments in battery cell manufacturing joint ventures.

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