GM Posts $2.8 Billion Profit, Raises Full-Year View

General Motors Co. posted strong second-quarter earnings and raised its full-year profit guidance, as global auto makers continue to benefit from sharp demand for new vehicles and strong pricing.

GM on Wednesday said solid pickup-truck sales and record profits for its in-house lending arm—boosted by soaring used-car prices—helped it notch $2.8 billion in net profit, compared with a loss a year earlier.

The auto maker posted pretax earnings before one-time items of $4.1 billion, or $1.97 per share, better than the average analyst estimate of $1.82, according to FactSet.

GM raised its pretax profit outlook to between $11.5 billion and $13.5 billion, up from a previous forecast of between $10 billion to $11 billion.

GM shares slipped 2.8% in premarket trading.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *

scroll to top