October 27, 2021
DETROIT (Reuters) – General Motors Co on Wednesday reported stronger-than-expected results for the third quarter, despite a drop in revenue and profit, and said full-year earnings would be at the high end of its previous forecast.
GM said adjusted earnings per share in the quarter dropped to $1.52, from $2.83 a year earlier, citing the global semiconductor shortage. Analysts had expected 96 cents a share.
In a letter to shareholders, Chief Executive Mary Barra said, “We now believe GM’s full-year results will approach the high end of our guidance, which is for EBIT-adjusted in the range of $11.5 billion to $13.5 billion.”
(Reporting by Paul Lienert and Ben Klayman in Detroit; Editing by David Goodman/Keith Weir)