DETROIT (AP) — High prices for trucks and SUVs helped General Motors post a $2.4 billion third-quarter profit despite factory closures due to a shortage of…
DETROIT (AP) — High prices for trucks and SUVs helped General Motors post a $2.4 billion third-quarter profit despite factory closures due to a shortage of computer chips and other parts. But the profit was 40% lower than the $4 billion GM made during the same period last year as sales slumped and the company lost market share in the U.S., its most profitable country. Excluding one-time items, the company made $1.52 per share, beating Wall Street estimates of 98 cents. Revenue for the quarter fell 25% to $26.78 billion, far short of Wall Street estimates of $30.72 billion, according to FactSet. On conference call with reporters Wednesday, CEO Mary Barra said the global shortage of semiconductors, plus COVID outbreaks at supplier factories, hit the company during the third quarter. “It still continues to be somewhat volatile,” she said. However, GM is seeing some improvement in the current quarter and expects additional supplies in the first three months of 2022, she said.
