General Motors Co. today reported an improved quarterly profit on higher vehicle sales in its home North American market. The company also forecast strong results for 2023 but slightly below last year’s levels.
Detroit-based GM posted a fourth-quarter 2022 profit of $2 billion, or $1.39 a share, compared with $1.74 billion, or $1.16, a year earlier. Revenue for the period surged to $43.1 billion from $33.6 billion in the last three months of 2021.
The company reported adjusted earnings before interest and taxes of $3.8 billion, or $2.12 a share. That was up from $2.8 billion, or $1.35, in the final three months of 2021. Analysts had forecast adjusted earnings per share of $1.69, according to CNBC.
For all of 2022, GM reported a profit of $9.9 billion, or $6.13 a share and adjusted results of $14.5 billion, or $7.59. That compares to a 2021 profit of $10 billion, or $6.70 a share, and adjusted earnings of $14.3 billion, or $7.07.
GM said it expects full-year 2023 earnings of $8.7 billion to $10.1 billion and adjusted earnings of $10.5 billion to $12.5 billion.
“We expect that our momentum will help us deliver strong results once again in 2023,” GM CEO Mary Barra said in a letter to shareholders.
During the quarter, GM’s North American vehicle deliveries increased to 729,000 from 511,000 a year earlier. That included 623,000 vehicles in the U.S., up from 441,000 in 2021’s fourth quarter.
The automaker has mostly stopped making cars in favor of higher profit full-size pickups and SUVs.
GM has been coping with a continuing shortage of semiconductors. The company has said supplies improved during 2022. However, analysts have forecast that problems will persist into 2024.
The Detroit-based company is in investing in its lineup of electric vehicles. The company is “accelerating production” of EVs. Barra said in her shareholder letter.
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