GM Board Approves New $6 Billion Share Repurchase Authorization

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Jun 11, 2024, 07:10 ET

DETROIT, June 11, 2024 /PRNewswire/ -- General Motors Co. (NYSE: GM) announced today that its Board of Directors has approved a new share repurchase authorization to repurchase up to $6 billion of the company's outstanding common stock.

"The investments GM made in its brands and product portfolio over the last several years, and the company's operating discipline, are delivering consistently strong revenue growth, margins and free cash flow," said Paul Jacobson, GM executive vice president and chief financial officer. "We are very focused on the profitability of our ICE business, we're growing and improving the profitability of our EV business and deploying our capital efficiently. This allows us to continue returning cash to shareholders."

In November 2023, GM announced a $10 billion accelerated share repurchase, while continuing to have approximately $1.4 billion in remaining capacity under its prior share repurchase authorization. In the first quarter of 2024, GM repurchased $0.3 billion in shares, and the company expects to exhaust the remaining $1.1 billion of the prior authorization before the end of the second quarter.

The new authorization will allow the company to opportunistically repurchase shares after the completion of the existing reauthorization.

In addition to continuing shareholder returns through share repurchases, GM increased its common stock dividend 33%, from $0.09 to $0.12 per share, in the first quarter.

	2022	2023	2024 H1 (estimated)
Share Repurchases ($B)	$2.5	$11.1¹	$1.4
Dividends ($B)	$0.3	$0.5	$0.3²
Total Shareholder Returns ($B)	$2.8	$11.6	$1.7²

¹Repurchases amount includes full $10B of ASR announced in November 2023, and other repurchases in 2023.
The final settlement of the ASR is expected to occur no later than fourth quarter 2024.

²Includes declared second quarter 2024 dividend.

GM will report its second quarter financial results on July 23, 2024, at 6:30 a.m. ET.

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in safety services and connected vehicle technology, can be found at https://www.gm.com.

Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

SOURCE General Motors Company