- Adjusted earnings per share: $1.16
- Revenue: $38.67 billion
These results would represent a 10.3% year-over-year decline in revenue and a 45.3% decline in adjusted earnings per share. GM's fourth-quarter 2022 results included revenue of $43.11 billion, net income attributable to shareholders of $2 billion and adjusted earnings before interest and taxes of $3.8 billion.
Aside from quarterly results, investors will be watching for remaining or unexpected costs from the company's new labor contract negotiated with the United Auto Workers union last year, as well as its 2024 guidance.
Wall Street analysts expect GM to provide “flat” guidance compared to last year's earnings. The low vehicle prices that have led to record profits in recent years are normalizing. Meanwhile, cost-cutting measures are expected to help offset increased labor costs caused by the UAW deal.
In November, GM CEO Mary Barra said in a statement that the company was working on a 2024 budget that would “fully offset the additional costs of our new labor contracts.”
GM reiterated its 2023 guidance in November, including net income attributable to shareholders of $9.1 billion to $9.7 billion and earnings per share of $6.52 to $7.02; adjusted earnings before interest and taxes of $11.7 billion to $12.7 billion, or $7.20 to $7.70 adjusted earnings per share; and adjusted automotive free cash flow of $10.5 billion to $11.5 billion.
The forecast included an estimated $1.1 billion EBIT-adjusted impact from approximately six weeks of U.S. labor strikes, as well as some costs related to a $10 billion accelerated share repurchase program announced in November.
Investors will also be interested in news about GM's new electric vehicles as well as Cruise, GM's majority-owned autonomous vehicle subsidiary, which is currently the subject of multiple investigations following an October accident involving a pedestrian in San Francisco was.
Cruise and GM last week released results of internal investigations into the incident that outlined cultural problems, regulatory ineptitude and poor leadership at the company, but concluded that officials did not intentionally deceive or mislead regulators.
The companies also announced that Cruise remains under investigation by multiple agencies, including the U.S. Department of Justice and the U.S. Securities and Exchange Commission.
This is breaking news. Please check back for further updates.
—CNBC's Michael Bloom contributed to this report.