WASHINGTON (dpa-AFX) - General Motors Co. reported Tuesday lower second-quarter profit despite revenue growth. Further, the automajor trimmed fiscal 2026 outlook for net profit on a reported basis for higher adjustments, but raised adjusted earnings view for the second time this year. The firm also declared quarterly dividend.
In the pre-market activity on the NYSE, GM shares were gaining around 1.15%, trading at $76.70, after closing Monday's regular trading 0.35% lower.
For fiscal 2026, the company now expects net income attributable to stockholders to be $8.4 billion to $9.8 billion or $8.98 to $10.98 per share. The outlook is lower than previous estimate of $9.9 billion to $11.4 billion in net income and $10.62 to $12.62 in earnings per share.
The revised outlook mainly reflects expected adjustments of $3.02 per share, compared to previous view of $0.88 per share.
However, GM lifted adjusted earnings view, and now projects $12.00 to $14.00 per share, compared to previous estimate of $11.50 to $13.50 per share.
Adjusted EBIT is now estimated at $14.00 billion to $16.00 billion, higher than previous estimate of $13.50 billion to $15.50 billion.
Further, GM announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share, payable September 17, to holders of the company's common stock at the close of trading on September 4.
In the second quarter, net income attributable to common stockholders was $1.305 billion, down 31.1 percent from $1.895 billion last year. Earnings per share dropped 26 percent to $1.41 from last year's $1.91.
Adjusted earnings were $3.247 billion or $3.57 per share for the period, compared to $2.464 billion or $2.53 per share a year ago.
Adjusted EBIT was $3.943 billion, up 29.8 percent from $3.037 billion a year ago. Adjusted EBIT margin was 8.2 percent, a growth of 1.8 percentage points from 6.4 percent in the prior year.
The company's revenue for the period rose 1.9 percent to $48.026 billion from $47.122 billion last year.
In the quarter, total wholesale vehicle sales by Automotive operations were 990 thousand vehicles, up from 974 thousand vehicles last year.
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