{"id":119300,"date":"2021-08-04T11:56:47","date_gmt":"2021-08-04T11:56:47","guid":{"rendered":"https:\/\/fin2me.com\/?p=119300"},"modified":"2021-08-04T11:56:47","modified_gmt":"2021-08-04T11:56:47","slug":"general-motors-misses-wall-street-second-quarter-earnings-expectations-raises-2021-guidance","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/general-motors-misses-wall-street-second-quarter-earnings-expectations-raises-2021-guidance\/","title":{"rendered":"General Motors misses Wall Street second-quarter earnings expectations, raises 2021 guidance"},"content":{"rendered":"<p>General Motors missed Wall Street&#x27;s earnings expectations for the second-quarter despite a strong profit and raising its guidance for the year.<\/p>\n<p>Here&#x27;s how GM did compared with what Wall Street expected based on average estimates compiled by Refinitiv.<\/p>\n<ul>\n<li>Adjusted EPS: $1.97 vs. $2.23 expected<\/li>\n<li>Revenue: $34.17 billion vs. $30.9 billion expected<\/li>\n<\/ul>\n<p>GM&#x27;s second-quarter earnings were dragged down due to about $1.3 billion in warranty recall costs, including $800 million related to the Chevrolet Bolt EV. The electric vehicle has been recalled twice in the past year due to fire risks.<\/p>\n<p>The automaker on Wednesday raised its full-year guidance to between $11.5 billion and $13.5 billion, or $5.40 to $6.40 a share, up from $10 billion to $11 billion, or $4.50 to $5.25 a share.<\/p>\n<p>Shares of GM were down about 3% during premarket trading to $56.35 a share.<\/p>\n<p>GM has been weathering challenges from a global shortage of semiconductor chips, which has caused factory shutdowns and is expected to shave billions off the industry&#x27;s earnings in 2021.<\/p>\n<p>In June, GM projected better-than-expected results in the second quarter despite the industrywide impact of the shortage, which also is causing record vehicle pricing and profits.<\/p>\n<p>GM on Tuesday confirmed\u00a0its three North American full-size pickup truck assembly plants will be shut down next week due to the shortage.<\/p>\n<p>The company said it expected its first-half EBIT-adjusted to range from $8.5 billion to $9.5 billion due to continued strong demand, better-than-expected results at GM Financial and improved near-term production. That was up from a forecast earlier this year of $5.5 billion.<\/p>\n<p>CFO Paul Jacobson told investors in June that the company would update its full-year earnings forecast when it released its second-quarter results.<\/p>\n<p>GM&#x27;s earnings forecast for the year was initially $10 billion to $11 billion, or $4.50 to $5.25 per share in adjusted pretax profits, and adjusted automotive free cash flow of $1 billion to $2 billion. The forecasts factored in the potential impact of the chip shortage, including a hit of $1.5 billion to $2 billion to earnings and decrease of $1.5 billion to $2.5 billion to its free cash flow.<\/p>\n<p>GM reported an adjusted pretax loss of $536 million in the second quarter of 2020 due to the coronavirus pandemic causing rolling shutdowns of its factories. The company&#x27;s net income was a loss of $758 million during that quarter.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/08\/04\/gm-is-set-to-report-earnings-before-the-bell-heres-what-wall-street-expects.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>General Motors missed Wall Street&#x27;s earnings expectations for the second-quarter despite a strong profit and raising its guidance for the year. Here&#x27;s how GM did [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":119299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>General Motors misses Wall Street second-quarter earnings expectations, raises 2021 guidance - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/general-motors-misses-wall-street-second-quarter-earnings-expectations-raises-2021-guidance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"General Motors misses Wall Street second-quarter earnings expectations, raises 2021 guidance - Fin2me\" \/>\n<meta property=\"og:description\" content=\"General Motors missed Wall Street&#x27;s earnings expectations for the second-quarter despite a strong profit and raising its guidance for the year. 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