Key points:
- General Motors reported second-quarter earnings before the bell Tuesday
- The moor vehicle company missed profit expectations but beat revenue forecasts
- Its shares edged lower premarket
Shares of General Motors (NYSE: GM) are down around 0.6% before the open after the company reported second quarter earnings premarket July 26.
GM posted earnings of $1.14 per share on revenue of $35.76 billion. Earnings per share missed consensus expectations of $1.30, but revenue came in above forecasts of $34.2 billion.
Also Read: Big Misses From Early Q2 Earnings Reports And What They Tell Us About The Markets
GM Chair and CEO Mary Barra said: “Our results also reflect strong demand for our products, including the Chevrolet Silverado and GMC Sierra, and our full-size Chevrolet, GMC and Cadillac SUVs, which continued their market leadership despite low inventories.”
“We have been operating with lower volumes due to the semiconductor shortage for the past year, and we have delivered strong results despite those pressures,” she added.
GM expects 2022 full-year net income of between $9.6 billion and $11.2 billion, with adjusted earnings per share between $6.50 and $7.50.
“Our outlook for the second half is strong, and we are reaffirming our full-year earnings guidance that includes EBIT-adjusted of between $13 billion and $15 billion. This confidence comes from our expectation that GM global production and wholesale deliveries will be up sharply in the second half,” continued Barra.
