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GM surpasses profit forecasts with buyback
General Motors announced that it achieved quarterly results above expectations and unveiled a new share repurchase program worth $20 billion. The company recorded an adjusted earnings per share of $3.70 and revenues of $50.02 billion for the third quarter, surpassing Wall Street forecasts. General Motors expects to achieve adjusted pre-tax profits between $14.5 billion and $15.5 billion, with free cash flows ranging from $11.5 billion to $12.5 billion, despite anticipating a decline in profits and inflationary pressures affecting costs. These new projections follow strong quarterly results and aim to maintain momentum despite economic challenges, through investments in new products and services and efforts to improve operational efficiency.
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