General Motors (GM) earnings Q2 2022


GM CEO Mary Barra talks with media prior to the start of the 2017 General Motors Company Annual Meeting of Stockholders Tuesday, June 6, 2017 at GM Global Headquarters in Detroit, Michigan.

Photo by John F. Martin for GM

General Motors reported second-quarter earnings that fell short of Wall Street’s estimates after the company was unable to ship nearly 100,000 vehicles by quarter-end due to parts shortages.

But the company maintained its previous earnings guidance for the full year.  

Here are the key numbers, compared with Wall Street’s consensus expectations as compiled by Refinitiv.

  • Adjusted earnings per share: $1.14, versus $1.20 expected and $1.97 in the second quarter of 2021.
  • Revenue: $35.76 billion, versus $33.58 billion expected and $34.17 billion in the second quarter of 2021.
  • EBIT-adjusted: $2.34 billion, versus $4.12 billion in the second quarter of 2021.
  • EBIT-adjusted margin: 8.0%, versus 11.2% in the first quarter of 2022 and 10.4% in the second quarter of 2021.

Like other global automakers, GM has been working through supply-chain disruptions for the last several quarters as Covid-19 outbreaks – and more recently, Russia’s invasion of Ukraine – have forced factory shutdowns and wreaked havoc with logistics around the world.

GM warned investors on July 1 that it had about 95,000 vehicles with missing components in its inventory. That could push GM’s second-quarter revenue below expectations, since GM – like most automakers – books revenue when a completed vehicle is shipped to dealers, not before.

GM at the time maintained its previous guidance for the full year, however, saying that it expected to complete and ship those vehicles before year-end.

For the second quarter of 2021, GM reported adjusted EPS of $1.97 on revenue of $34.17 billion.

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Image and article originally from www.cnbc.com. Read the original article here.

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