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General Motors misses Wall Street second-quarter earnings expectations, raises 2021 guidance

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EARNINGS: GM missed Wall Street’s expectations for Q2 earnings, but raised its guidance for the year. Lebeaucarnews has the numbers.

missed Wall Street's earnings expectations for the second-quarter despite a strong profit and raising its guidance for the year.

GM's second-quarter earnings were dragged down due to about $1.3 billion in warranty recall costs, including $800 million related to the Chevrolet Bolt EV. The electric vehicle has been recalled twice in the past year Here's how GM did compared with what Wall Street expected based on average estimates compiled by Refinitiv.The automaker on Wednesday raised its adjusted full-year guidance to between $11.5 billion and $13.5 billion, or $5.40 to $6.40 a share, up from $10 billion to $11 billion, or $4.50 to $5.25 a share.On an unadjusted basis, net income was $2.

due to the coronavirus pandemic causing rolling shutdowns of its factories. The automaker reported pretax adjusted earnings of $4.1 billion for the second quarter, up from a loss of $536 million a year earlier.

 

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