GM beats earnings expectations, raises full-year outlook, but stock sells

General Motors Co. GM,
+1.49%
On Wednesday reported better-than-expected second-quarter results as revenues more than doubled, and boosted its full-year profit outlook, although that outlook remained below the FactSet consensus. The automaker’s stock fell 2.8% in pre-market trading. The company posted net income of $ 2.79 billion, or $ 1.90 per share, compared with a loss of $ 806 million, or 56 cents per share, during the period last year. Excluding one-time items, adjusted earnings per share was $ 1.97, above the FactSet consensus of $ 1.82. Total revenue rose 103.6% to $ 34.17 billion, well above the FactSet consensus of $ 29.92 billion, as auto sales jumped 130.1% to 30.74 billions of dollars. For 2021, the company raised its adjusted EPS forecast range to $ 5.40 to $ 6.40 from $ 4.50 to $ 5.25, but that was lower than the FactSet consensus of $ 7.07. “Credit for our strong first half goes to our employees and our extended team, including suppliers and dealers, who collectively demonstrated strength, agility and resilience,” wrote Managing Director Mary Barra in a letter to shareholders. The stock has climbed 39.0% year-to-date through Tuesday, while the S&P 500 SPX,
+ 0.82%
increased by 17.8%.