GM Beats Q2 Earnings Forecast as EV Write-Downs Hit $11B Cumulative, Raises Full-Year Guidance

GM4.82%
General Motors reported Q2 earnings on July 21 with adjusted earnings per share of $3.57, beating forecasts of $3.19-$3.20, driven by strong pricing on high-margin pickup trucks and SUVs and improved North American profit margins rising to 8.6% from 6.1% year-over-year. However, net income declined 31.1% year-over-year to $1.31 billion due to $2.3 billion in electric vehicle restructuring charges, bringing cumulative EV asset write-downs to $11 billion. Global vehicle sales fell 7.2% to 1.43 million units for the third consecutive quarterly decline. GM raised its full-year adjusted operating profit guidance by $500 million to $14-16 billion and full-year adjusted EPS to $12-14 from $11.50-13.50.
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