DETROIT — General Motors handily beat Wall Street’s top- and bottom-line expectations for the fourth quarter, while forecasting another solid year of results in 2023.
The strong report suggests GM is hanging onto record, or near-record, results even as the U.S. automotive industry begins to normalize after several years of record-low inventories and resilient consumer demand.
Shares of GM rallied as much as 9.5% during trading Tuesday before closing at $39.32 a share, up by 8.4%. It was the stock’s best daily performance since Oct. 4.
Here’s how GM performed to close out last year, compared with analysts’ estimates as compiled by Refinitiv:
- Adjusted earnings per share: $2.12 vs. $1.69…