GM upbeat on full-year earnings despite quarterly profit drop

[October 27, 2021  DETROIT (Reuters) - General Motors Co on Wednesday reported stronger-than-expected results for the third quarter, despite a drop in revenue and profit, and said full-year earnings would be at the high end of its previous forecast.

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Picture taken March 16, 2021. REUTERS/Rebecca Cook/File Photo

GM said adjusted earnings per share in the quarter dropped to $1.52, from $2.83 a year earlier, citing the global semiconductor shortage. Analysts had expected 96 cents a share.

In a letter to shareholders, Chief Executive Mary Barra said, "We now believe GM’s full-year results will approach the high end of our guidance, which is for EBIT-adjusted in the range of $11.5 billion to $13.5 billion."

(Reporting by Paul Lienert and Ben Klayman in Detroit; Editing by David Goodman/Keith Weir)

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