General Motors has exceeded expectations as the company posted fourth-quarter revenues of $43.1 billion as well as earnings before interest and taxes of $3.8 billion.
As a result, the company finished 2022 with $156.7 billion in revenue and record earnings of $14.5 billion. While that sounds good, noted the company’s net income and profit margin fell, while they also ended up spending $511 million in the fourth quarter to buyout Buick dealers who didn’t want to embrace EVs.Looking into the future, the company is expecting “core auto operations to perform at a consistently strong level in 2023.” In particular, they’re expecting earnings of between $10.5 and $12.5 billion this year. The company is also expecting earnings per share of between $6.00 and $7.00.
In a letter to shareholders, the company said they “delivered results that truly set us apart from our competition.” It went on to say, “GM led the U.S. industry in total sales and delivered the largest year-over-year increase in market share of any OEM, thanks to strong demand for our products and improved supply chain conditions.” , which were the best-selling mainstream EVs in the second half of 2022.
. GM also said they’re “accelerating production” of the Cadillac Lyriq and GMC Hummer EV Pickup, which will soon be joined by a new SUV variant.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exxon smashes Western oil majors' earnings record with $56 billion profit for 2022Exxon Mobil Corp posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. 38 years of criminal lawlessness Well that is interesting. Prior to slamming them, I would want to know what the running average is as the news never reports their losses? I'm so glad all that gain sharing will trickle down to all their employees...
Source: Reuters - 🏆 2. / 97 Read more »
Exxon profits at record high in 2022 as energy prices soaredExxon Mobil posted record annual profits for 2022, as Americans struggled with high prices for gasoline, home heating and consumer goods. Shameful gouging but No reprisals — no fear — us foolish lemmings will continue to allow the inevitable and pay and pay more. One day we might get a President that stops unscrupulous business practices BEFORE WE ALL GO HOMELESS!
Source: wjxt4 - 🏆 246. / 63 Read more »
Exxon earns record profits in 2022 with surge in energy pricesExxon raked in over $12 billion in profits to raise its annual net income to a staggering $55.7 billion.
Source: fox7austin - 🏆 594. / 51 Read more »
Exxon soars to record annual profit as analyst calls Permian Basin 'key part' of growthThe oil company reported record annual earnings of $55.7 billion for 2022 in its quarterly results. This is a lie. In may 2019 jimcramer said they were a dead company and to stay away from them. It’s because they are gouging motorists!
Source: MarketWatch - 🏆 3. / 97 Read more »
49ers' 2022 NFL Season Ends With NFC Championship Game Loss to EaglesThe 49ers fall to the top-seeded Eagles in the NFC Championship Game, bringing their season to an end just short of a Super Bowl appearance. Good job niners! Nobody expected y’all to get this far! Rest up! They plaid like crap. They lost the game on their own. The defense fell apart and penalties. This was a pathetic performance by everyone on the team. Coaching staff failed as well The refs saw that the 49ers were mentioned and flagged this post
Source: nbcbayarea - 🏆 596. / 51 Read more »
Moto G Stylus 2022 with more accessories & ports than flagships is a steal at 40% offMotorola's Moto G Stylus 2022 offers a big screen, two days battery life, free stylus, a headphone jack, microSD slot, and more for an unbelievably low price.
Source: PhoneArena - 🏆 322. / 59 Read more »