GM reports higher quarterly profit, forecasts lower results in 2023

Credit: REUTERS/Rebecca Cook

Adds detail on net income and EBIT-adjusted for 2022 and 2023

DETROIT, Jan 31 (Reuters) - General Motors Co GM.N on Tuesday reported a higher quarterly net income for the fourth quarter, but said profit in 2023 would fall from last year.

For the full year, GM's profit dropped to $9.9 billion from $10.0 billion in 2021. EBIT-adjusted income of $14.5 billion was a record, up slightly from $14.3 billion a year earlier.

GM said it expects net income in 2023 of $8.7 billion to $10.1 billion, and EBIT adjusted of $10.5 billion to $12.5 billion.

Shares were up more than 5% in premarket trade.

(Reporting by Paul Lienert and Ben Klayman, Editing by Louise Heavens)

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