General Motors Co.'s stock jumped 5% in premarket trade Wednesday, after the auto maker raised its 2016 profit outlook and its quarterly dividend by 6%, and increased its stock repurchase program by $4 billion. GM now expects 2016 adjusted earnings per share in the range of $5.25 from $5.75, up from its previous outlook of $5 to $5.50. The new outlook is based on a strong product launch lineup, growth in adjacent businesses and modest global industry growth, GM said in a statement. The new quarterly dividend of 38 cents a share, up from 36 cents a share, will begin in the first quarter of 2016. The new stock repurchase program, totaling $9 billion, was extended through 2017. "We made significant progress executing our strategic plan and the results are being demonstrated through our improved earnings," said Chief Executive Mary Barra. "Moving forward, we will continue to keep the customer at the center of everything we do." The stock has dropped 14% over the past 12 months through Tuesday, while the S&P 500 has lost 4.2%.
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