GM Posts $ 2.8 Billion in Profit, Increases Visibility Year-Round

General Motors Co. posted strong second-quarter earnings and raised its full-year profit forecast, but said continuing computer chip shortages and rising commodity costs would weigh on second-quarter results. semester.

GM said on Wednesday that strong pickup truck sales and record profits in its in-house lending arm, boosted by soaring used car prices, helped it achieve a net profit of $ 2.8 billion, against a loss a year earlier.

The automaker posted pre-tax profit before one-time items of $ 4.1 billion, or $ 1.97 per share, better than the average analyst estimate of $ 1.82, according to FactSet.

GM has raised its pre-tax profit outlook to $ 11.5 billion to $ 13.5 billion, from a previous forecast of $ 10 billion to $ 11 billion.

GM shares slipped about 4% in pre-market trading. Evercore ISI analyst Chris McNally said investors may be disappointed with the earnings forecast, which implicates a pre-tax profit of $ 3-5 billion for the second half of the year. Wall Street was probably looking for at least $ 6 billion, he said.