General Motors has declared a second quarter 2024 dividend in the amount of $0.12 per share on each share of outstanding GM stock. The Q2 2024 General Motors dividend is payable June 20th, 2024. This represents a 33-percent increase over General Motors’ Q2 2023 dividend. General Motors announced the Q1 2024 dividend in January, also in the amount of $0.12 per share.
The dividend rate of $0.12 per share has been consistent since it was increased from $0.09 per share at the end of 2023. This increase coincided with the launch of an ambitious $10 billion accelerated share repurchase program, highlighting General Motors’ proactive measures to enhance shareholder value, as well as a broader plan to adapt to market dynamics and invest in innovative automotive technologies, particularly in the electric vehicle (EV) sector.
General Motors reported a slight increase in sales during the final quarter of 2023, driven by high demand for models such as the Chevy Trax, Chevy Trailblazer, and Cadillac Lyriq, all three of which posted record sales. Early in January, GM reported sales figures for the entirety of the 2023 calendar year, which showed a 14-percent increase to 2,594,698 units, as well as sales increase at all four U.S. brands. In addition, General Motors led the U.S. industry in total sales volume, and was the top-selling manufacturer in multiple segments with regard to volume, including trucks, full-size pickups, full-size SUVs, affordable crossovers, and fleet vehicles.
General Motors also reported strong quarterly results on Tuesday, including top-line revenue of $43.0 billion, beating analysts expectations of $42.09 billion. The figure was also up 7 percent year-over-year compared to the 2023 calendar year, while also matching $43 billion in sales last quarter. Adjusted earnings per share was reported at $2.62, beating estimates of $2.12, with adjusted EBIT of $3.9 billion. Operating profit for the quarter was $3.7 billion, beating estimates of $3.12 billion.
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Comments
With the profits GM is raking in, this is an insult to loyal shareholders
Using GM estimates of 1.16 Billion outstanding shares, shareholders are receiving just over 139 million each quarter. As a shareholder, 12 cents a share is squat compared to what many companies I own pay. But you have to hope GM is using the money for product development and improvements to current products hoping to improve the bottom line, which hopefully will improve dividend payments as well as stock price in the future.