General Motors (NYSE:GM) reaffirmed its earnings guidance for 2023, maintaining its net income forecast in the range of $9.1 billion to $9.7 billion. Additionally, the automaker announced a significant 33% increase in its dividend for 2024 and unveiled plans for a substantial $10 billion accelerated share buyback program. This led to a more than 10% surge intra-day today in General Motors’ shares.

The company also reiterated its adjusted earnings per share (EPS) guidance for the year, expecting it to be between $7.20 and $7.70. The guidance for adjusted EBIT (earnings before interest and taxes) remains set between $11.7 billion and $12.7 billion.
GM’s Chair and CEO Mary Barra commented on the company’s strong profit outlook for 2023, attributing it to GM’s exceptional range of vehicles and disciplined operations.

Furthermore, GM updated its capital expenditure forecast for the full year 2023 to be between $11 billion and $11.5 billion, which is at the lower end of its previous guidance. This adjustment is a result of the rescheduling of certain product programs and more efficient capital investments.

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