GM Shares 6% Higher After First-Half Outlook
June 03 2021 - 12:50PM
Dow Jones News
By Michael Dabaie
General Motors shares rose 6% to $63.04 around midday after the
auto maker said it sees first-half results significantly better
than its previous guidance.
GM Thursday outlined steps it is taking to increase deliveries
to dealers and customers in the U.S.
GM cited its ongoing efforts to prioritize semiconductor usage
and success engineering solutions that maximize the utilization of
chips, as well as the pull-ahead of some projected semiconductor
deliveries into the second quarter.
The company added it is optimistic about the full year.
"The global semiconductor shortage remains complex and very
fluid, but the speed, agility and commitment of our team, including
our dealers, has helped us find creative ways to satisfy
customers," said Phil Kienle, GM vice president of North America
manufacturing and labor relations.
The company in May guided for full-year per-share earnings of
$4.28 to $5.03, and an adjusted profit of $4.50 to $5.25 a share.
It expects full-year net income of $6.8 billion to $7.6 billion and
adjusted earnings before interest and taxes of $10 billion to $11
billion.
For the six months ending June 30, GM guided for net income of
about $3.5 billion, and adjusted EBIT of about $5.5 billion.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
June 03, 2021 12:42 ET (16:42 GMT)
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