Plans to buy 1.1 bln usd in shares in Q2 from prior buyback (Il Sole 24 Ore Radiocor) - New York, 11 Jun - The US car maker General Motors said that its board has approved a new 6 billion dollar share buyback.

"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 dollar accelerated share repurchase, while continuing to have approximately 1.4 billion dollars in remaining capacity under its prior share repurchase authorization. In the first quarter of 2024, GM repurchased 0.3 billion dollars in shares, and the company expects to exhaust the remaining 1.1 billion dollars 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% to 0.12 dollars per share in the first quarter.

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(RADIOCOR) 11-06-24 19:06:31 (0584) 5 NNNN