General Motors Co (GM.N) on Tuesday reported a higher quarterly net income for the fourth quarter, and forecast stronger-than-expected earnings in 2023, sending its shares up over 5% in premarket trading.

The company expects its core auto operations to perform at a consistently strong level in 2023, with full-year net income attributable to stockholders of $8.7 billion-$10.1 billion, adjusted EBIT of $10.5 billion-$12.5 billion, and diluted and adjusted earnings per share of $6.00-$7.00. Analysts had expected $5.73 a share, according to Refinitiv IBES data. For the full year, GM's profit dropped to $9.9 billion from $10 billion in 2021. EBIT-adjusted income of $14.5 billion was a record, up slightly from $14.3 billion a year earlier.

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What Recession? GM Raked In The Cash In Fourth Quarter

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