Shares of General Motors Co. GM, +2.64% fell 1.7% in premarket trading Friday after the automaker warned of a second-quarter profit shortfall as wholesale auto sales volumes were hit by the timing of semiconductor shipments and other supply chain disruptions. The company expects net income for the quarter to June 30 to be between $1.6 billion and $1.9 billion, well below the FactSet consensus of $2.46 billion. However, the company reaffirmed its outlook for the full year as supply disruptions are expected to be temporary. “[W]e had a total of approximately 95 thousand vehicles in our inventory that were produced without certain components as of June 30, 2022, the majority of which were produced in June,” the company said in a statement. “We expect that substantially all of these vehicles will be completed and sold to dealers before the end of 2022.” GM still expects 2022 net income of $9.6 billion to $11.2 billion, beating the FactSet consensus of $10.24 billion. Shares tumbled 45.8% year to date through Thursday, while shares of rival Ford Motor Co. F, +3.01% fell 46.4% and the S&P 500 SPX, +0.47% tumbled 20.6%.
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