General Motors Co. GM, +1.49% reported Wednesday second-quarter earnings that beat expectations, as revenue more than doubled, and raises its full-year profit outlook, although that outlook remained below the FactSet consensus. The automaker’s stock dropped 2.8% in premarket trading. The company swung to net income of $2.79 billion, or $1.90 a share, from a loss of $806 million, or 56 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.97, above the FactSet consensus of $1.82. Total revenue rose 103.6% to $34.17 billion, well above the FactSet consensus of $29.92 billion, as automotive sales jumped 130.1% to $30.74 billion. For 2021, the company raised its adjusted EPS guidance range to $5.40 to $6.40 from $4.50 to $5.25, but that was below the FactSet consensus of $7.07. “The credit for our strong first half goes to our employees and extended team, including suppliers and dealers, who have collectively demonstrated strength, agility and resilience,” Chief Executive Mary Barra wrote in a letter to shareholders. The stock has run up 39.0% year to date through Tuesday, while the S&P 500 SPX, +0.82% has advanced 17.8%.
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