GM raises 2016 profit forecast, boosts buyback by $4B

General Motors Co. (NYSE: GM) is forecasting an optimistic outlook for 2016, raising its earnings projection for the year and increasing the size of its share buyback program.

The Detroit automaker adjusted earnings per share for the year to $5.75 and from $5.25 boosted its dividend to 38 cents from 36 cents.

GM’s board also raised its share buyback plan to $9 billion from $5 billion in anticipation of better profits. Per share prices increased 5.9 percent to $32.08 in early trading Wednesday, according to Bloomberg Business.

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