DETROIT (AP) – General Motors says it will add $4 billion to its stock buyback program and raise its quarterly dividend 6 percent to 38 cents per share.
The dividend increase starts in the first quarter, and the share buybacks will run through 2017.READ MORE: Boston Police Warn About Drinks Being Drugged At Bars
GM shares climbed 5 percent in premarket trading Wednesday.
Company executives also announced that GM expects to make an adjusted profit of $5.25 to $5.75 per share this year. That’s up from previous guidance of $5 to $5.50 per share. GM also expects improved adjusted earnings before taxes.READ MORE: Coronavirus In Massachusetts: Today's Developments
The company also says it will post online its entire inventory of 30,000 company-owned used cars online. The inventory includes cars coming off leases and from rental car companies and company employees.
All will have factory warranties and can be ordered online and purchased through dealerships.
GM shares climbed $1.60, or 5.3 percent, to $31.90 in premarket trading about an hour before the market open.MORE NEWS: To Do List: Women's Holiday Market, Sippin' Santa, Somerville Farmers Market
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