General Motors Shares Pop 5.5% After Reinstated Guidance, Big Buyback Plans
29 Novembro 2023 - 9:18AM
Dow Jones News
By Will Feuer
Shares of General Motors rose after the automaker said it plans
to buy back some $10 billion in stock, raise its dividend and
reinstated its full-year profit outlook after pulling its guidance
earlier this year due to the United Auto Workers strike.
The stock climbed 5.5% to $30.49 in premarket trading. Shares
were down more than 14% this year through Tuesday's close.
The company said it will raise its quarterly common stock
dividend to 12 cents a share in 2024, up from nine cents a
share.
GM also said it is initiating a $10 billion accelerated share
repurchase program.
The company is now forecasting full-year profit of $6.52 a share
to $7.02 a share, including the impact from the buyback plan. That
is down from $6.54 a share to $7.54 a share that was forecast
earlier this year, before GM pulled the outlook due to the UAW
strikes.
GM is targeting adjusted earnings of $7.20 a share to $7.70 a
share, compared with old guidance for $7.15 a share to $8.15 a
share.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
November 29, 2023 07:03 ET (12:03 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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