GM quarterly profit jumps 16% as sales rebound late in 2022

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — Rising factory output led to strong U.S. sales at the end of last year, pushing General Motors’ fourth-quarter net income up 16% over the same period a year ago. The Detroit automaker said Tuesday that it made $1.99 billion from October through December, or an adjusted $2.12 per share. That number beat Wall Street estimates. Analysts polled by FactSet expected $1.69 per share. Quarterly revenue rose 28% to $43.1 billion, also beating estimates of $39.96 billion. The performance came against the backdrop of a slowing economy due to interest rate increases from the Federal Reserve. Also GM and other automakers had trouble keeping factories running at full output during 2022.