GM shares up 6% after first half outlook
By Michael Dabaie
General Motors shares rose 6% to $ 63.04 around noon after the automaker said it was seeing significantly better first half results than its previous forecast.
GM on Thursday described the steps it is taking to increase deliveries to dealers and customers in the United States
GM cited its continued efforts to prioritize the use of semiconductors and successful engineering solutions that maximize chip usage, as well as the advance of some semiconductor shipments slated for the second quarter.
The company added that it was optimistic for the entire year.
“The global semiconductor shortage remains complex and very fluid, but the speed, agility and commitment of our team, including our dealers, have helped us find creative ways to keep customers happy,” said said Phil Kienle, GM’s vice president of manufacturing and workforces in North America. reports.
In May, the company was targeting annual earnings per share of $ 4.28 to $ 5.03 and adjusted earnings of $ 4.50 to $ 5.25 per share. It forecasts annual net income of $ 6.8 billion to $ 7.6 billion and adjusted earnings before interest and taxes of $ 10 to $ 11 billion.
For the six months ending June 30, GM forecast net income of about $ 3.5 billion and adjusted EBIT of about $ 5.5 billion.
Write to Michael Dabaie at [email protected]