GM Cuts Net Profit View but Lifts Adjusted Guidance, Declares Dividend
GM sits 55% above its 52-week low of $48.87.
Summary
GM's Q2 adjusted EPS of $3.57 beat by $0.37 on 30% EBIT growth, but net income fell 31% to $1.3B. The company cut its full-year net profit outlook to $8.4B-$9.8B from $9.9B-$11.4B due to higher adjustments, while raising adjusted EPS guidance to $12-$14 and adjusted EBIT to $14B-$16B. A $0.18 quarterly dividend was declared. This follows the earlier Reuters report on the Q2 beat and adds the guidance revisions and dividend. The raised adjusted outlook signals confidence in underlying operations despite the GAAP profit cut.
At the time of this announcement, GM was trading at $75.90 on NYSE in the Manufacturing sector, with a market capitalization of approximately $68.3B. The 52-week trading range was $48.87 to $87.62. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: dpa-AFX.