GM just announced that its Board of Directors has declared a third-quarter 2023 dividend on the company’s outstanding common stock in the amount of $0.09 per share. The dividend will be payable September 14th, 2023 to all common shareholders of record as of the close of trading on Friday, September 1st, 2023. GM is expected to release its Q2 2023 earnings results tomorrow morning, July 25th, 2023.
GM released its first quarter 2023 earnings figures this past April, highlighted by $2.4 billion in net income on $40 billion in revenue. Net income declined 18.5 percent year-over-year compared to $2.9 billion in net income for Q1 of the 2022 calendar year, while revenue increased 11.1 percent year-over-year. Further highlights include 1.384 million vehicles sold worldwide through Q1 of 2023, a 43,000-unit year-over-year decrease, or 3 percent, compared to the 1.427 million units sold globally during Q1 of 2022.
Breaking down the sales numbers for domestic and international markets, GM’s U.S. sales were up 18 percent year over year, while GM’s sales for the Chinese market were down 25 percent year over year. Meanwhile, sales were up marginally in Europe, South America, and North American markets outside the U.S., while sales in Africa, the Middle East, and Asian markets outside China declined.
According to GM CFO Paul Jacobson, the fall in GM’s Chinese revenue figures was attributed to “lower volume and pricing pressure,” adding that the Chinese market was “very challenging” as a result of “continued COVID-related impacts, regulatory changes for both EV and ICE vehicles and greater-than-expected competitive pricing actions.”
Looking ahead, Jacobson also addressed full-year 2023 guidance, stating that due to “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.”