July 28: General Motors reported second-quarter profit and revenue on Tuesday that beat Wall Street's expectations, and raised its annual profit forecast for a second time this year, buoyed by strong pricing and demand for gas-powered trucks.
The Michigan automaker is leaning heavily on its gasoline-engine offerings to fuel its profits through a slower-than-anticipated transition to electric vehicles. GM executives say it has now laid the foundation necessary to meet ambitious ramp-up targets on EVs.
"We're encouraged by the early results we're seeing in EVs now that we can build at scale," CFO Paul Jacobson said in a call with reporters.
The company's shares rose more than 4% in premarket trading.
GM increased its adjusted pre-tax profit projection for the year to $13 billion to $15 billion, from its previous range of $12.5 billion to $14.5 billion.
The company reported adjusted earnings per share of $3.06 that beat Wall Street's average estimate of $2.75, according to LSEG data. The carmaker reported $48 billion in revenue for the three-month period, surpassing analysts' consensus of $45.5 billion in the June quarter.
Executives at GM also provided an update on its Cruise self-driving unit, saying it will focus its development efforts on a next-generation Chevrolet Bolt rather than its planned futuristic Origin vehicle that would not have a steering wheel or other human controls. —Reuters
