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11/29/2023, 1:20 PM (Source: TeleTrader)
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GM unveils accelerated $10B share buyback program

General Motors Co. announced on Wednesday it intends to launch an accelerated share repurchase program worth $10 billion. The company also unveiled that it plans to raise the common stock dividend by 33% starting in the first month of 2024.

Furthermore, the automaker revealed its expectations for the full fiscal year 2023, underlining that it anticipates its net income to stand between $9.1 billion and $9.7 billion, while its diluted earnings per share are expected to be in the range of $6.52 and $7.02. The anticipated figures are lower than previously expected due to the impact of the UAW strike.

"GM will deliver very strong profits in 2023 thanks to an exceptional portfolio of vehicles that customers love and our operating discipline," the company's CEO Mary Barra stated.

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