General Motors is working to regain Wall Street’s confidence heading into 2024 with several investor-focused initiatives Wednesday following a tumultuous year of labor strikes and setbacks in its plans for electric and autonomous vehicles.
The Detroit automaker plans to increase its quarterly dividend next year by 33% to 12 cents per share; initiate an accelerated billion share repurchase program; and reinstate its 2023 guidance to include an estimated $1.1 billion in earnings before interest and tax, or EBIT-adjusted, impact from roughly six weeks of U.S. labor strikes by the United Auto Workers union.
GM CEO Mary Barra in a statement said the company is finalizing a budget for next year that will “fully offset the incremental costs of our new labor agreements.
“The long-term plan we are executing includes reducing the capital intensity of the business, developing products even more efficiently, and further reducing our fixed and variable costs,” she said.
Shares of GM jumped…
2023-11-29 08:30:46
Post from www.cnbc.com
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