General Motors reaffirmed its full-year profit outlook on an expected surge in demand and said it was curbing spending and hiring ahead of a potential economic slowdown, but a 40% drop in its quarterly net income disappointed, sending shares lower in premarket trading.
General Motors Co
The Detroit automaker's net income fell 40% in the second quarter from a year earlier due to supply-chain snarls, including asaid the company was"already taking proactive steps to manage costs and cash flows" ahead of a possible slowdown in the economy. The company, a bellwether for U.S. manufacturing and global automaking, has taken steps to offset a surge in inflation and other challenges, Chief Financial Officer Paul Jacobson said.
The automaker reaffirmed its forecast of full-year net income of $9.6 billion to $11.2 billion, and adjusted earnings before interest and taxes of $13 billion to $15 billion, while expecting global deliveries to be up sharply in the second half of the year.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Hobbled by chip, other shortages, GM profit slides 40% in Q2General Motors' second-quarter net income fell 40% from a year ago as computer chip and parts shortages hobbled factory output and drove the company's U.S. sales down more than 15%. Although the company said it's preparing for an economic downturn, it stuck to its prior earnings guidance for the full year. Unlike Walmart, which on Monday lowered its profit outlook for year and said that consumers are cutting back on discretionary spending, GM said demand remains strong for its vehicles.
Baca lebih lajut »
Washington gas prices fall for 40 days straightSome good news: Gas prices have been falling for about 40 days in a row. Overall, gas in Washington state is down 43 cents from the record high set on June 16, putting the current average for a gallon of regular unleaded gas at $5.12.
Baca lebih lajut »
A solar-powered Army drone has been flying for 40 days straightThe solar-powered aircraft is designed to operate in the stratosphere. It took off on June 15, and was still up there as of July 25.
Baca lebih lajut »
40 students take on Geneva’s first “Junior Police Academy”The junior police officers have a full week ahead of them experiencing some of the day-to-day activities an officer would
Baca lebih lajut »
Supercharged biotech rice yields 40% more grainBy giving a Chinese rice variety a second copy of one of its own genes, researchers have boosted its yield by up to 40%.
Baca lebih lajut »