GM has announced a second quarter 2023 dividend in the amount of 9 cents per share on each share of outstanding common stock.
The GM dividend is payable Thursday, June 15th, 2023 to all common stock holders of record at the close of trading on Friday, June 2nd, 2023.
GM released its Q1 2023 earnings report on April 25th, 2023, reporting $2.4 billion in net income on $40 billion in revenue. Net income declined 18.5 percent year-over-year from calendar Q1 of 2022, when The General registered over $2.9 billion in net income. Revenue increased 11.1 percent in the year-over-year comparison.
The latest earnings report also shows GM sold 1.384 million vehicles worldwide during Q1 2023. These sales figures represent a decrease of 43,000 units compared to the 1.427 million units sold globally during Q1 of 2022, or a 3-percent year-over-year decline.
GM vehicle sales showed significantly different gains and losses in domestic and international markets, with U.S. sales soaring 18 percent while sales in China plunged 25 percent compared to Q1 2022. Sales rose in South America, Europe, and North America outside the U.S. by smaller amounts. Africa, the Middle East, and Asia outside China saw overall declines.
During the Q1 2023 earnings conference call, GM CFOÂ Paul Jacobson said the drop in Chinese revenue is due to “lower volume and pricing pressure.” He added that this major market is “very challenging” because of “continued COVID-related impacts, regulatory changes for both EV and ICE vehicles and greater-than-expected competitive pricing actions.”
With regard to GM North America specifically, GM posted $32.8 billion in revenue, $3.8 billion EBIT-adjusted, and 707,000 vehicle deliveries in Q1 of 2023, as compared to $29.4 billion in revenue, $4 billion EBIT-adjusted, and 601,000 vehicle deliveries in Q1 of 2022.
GM also updated its full-year 2023 guidance, with CFO Jacobson noting “the opportunity ahead of us with new ICE and EV launches, we’re able to raise our full year 2023 earnings guidance to a range of $11 billion to $13 billion.” These figures are about half a billion dollars higher than previous guidance.
The General is also guiding for $6 to $7 EPS-diluted-adjusted and $5.7 to $7.5 billion in adjusted automotive free cash flow.
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Comments
This paltry dividend along with a moribund stock price is just another form of theft.