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 made $1.99 billion from October through December, or an adjusted $2.12 per share, easily beating Wall Street per-share projections for $1.69, according to a poll of industry analysts by FactSet, quoted by AP.
Quarterly revenue rose 28% to $43.1 billion, the company said, also beating estimates for $39.96 billion.
Shares of General Motors Co. jumped 4.4% before the opening bell Tuesday.
GM made record pretax income of $14.47 billion, the high end of its guidance of $13.5 billion to $14.5 billion. About 42,000 hourly auto workers will get profit-sharing checks of roughly $12,750, up from $10,250 in 2021. The profit sharing will cost GM about $500 million.
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