DETROIT — General Motors is set to report its fourth-quarter earnings before the bell Tuesday. Here’s what Wall Street is expecting, according to Refinitiv consensus estimates:

• Adjusted earnings per share: $1.69
• Revenue: $40.65 billion

GM in November tightened its projected range for 2022 adjusted earnings to between $13.5 billion and $14.5 billion, compared with previous guidance of between $13 billion and $15 billion. It also increased its cash flow guidance to between $10 billion and $11 billion, up from $7 billion to $9 billion.

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While investors will be watching the fourth-quarter results for signs of any waning consumer demand or profit dilution, the automaker’s 2023 guidance is expected to be in the spotlight.

Goldman Sachs said it anticipates GM’s forecast to be below consensus, “driven by price and mix as well as lower financial services profits.” The automaker is expected to guide toward a roughly 20% decline in adjusted earnings per share for the full year 2023, according to Refinitiv estimates.

Automakers have posted record results in recent years amid a tight supply of new vehicles and resilient consumer demand. They’ve counted on sustained pent-up demand as inventory levels regulate, hoping to avoid heavy discounts or incentives to sell vehicles.

But that scenario is slowly normalizing, leaving new vehicle prices and profits in flux.

During the fourth quarter of 2021, GM reported an adjusted EPS of $1.35 and revenue of $33.58 billion, topping Wall Street’s EPS estimate of $1.19 per share but falling short of the estimate of $34.01 billion in revenue, according to Refinitiv. 

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