General Motors (GM) Reports 89% Rise in Q2 Profit; Traders Sell the News
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General Motors (NYSE: GM) shares are trading lower this morning following second-quarter earnings results from the Detroit, MI-based automaker.
Revenue increased 19 percent from $33.2 billion to $39.37 billion. The Street was looking for a more modest $39.4 billion in revs.
Net income rose 89 percent from $1.33 billion to $2.52 billion, or $1.54 per diluted share. Earnings were 28 percent, or 34 cents, better than the consensus of $1.20 per share. EBIT rose 45.7 percent to $2.96 billion.
Vehicle sales increased 7.3 percent to 2.32 million units. GM added about 6,000 workers in the quarter; the automaker now has 208,000 total. Worldwide payroll increased 12.5 percent to $3.6 billion.
General Motors full-size pickup stock days' supply rose to 115 in July from 70 last December, though it's down from 122 in June. The company has an objective of about 90 days' supply by next December.
Based on current industry outlook, General Motors expects adjusted-BIT in the second half of 2011 to be modestly lower than in the first half. Sees full-year 2011 EBIT-adjusted will show solid improvement over 2010.
Shares are down 2.7 percent to $26.43 Thursday morning.
Revenue increased 19 percent from $33.2 billion to $39.37 billion. The Street was looking for a more modest $39.4 billion in revs.
Net income rose 89 percent from $1.33 billion to $2.52 billion, or $1.54 per diluted share. Earnings were 28 percent, or 34 cents, better than the consensus of $1.20 per share. EBIT rose 45.7 percent to $2.96 billion.
Vehicle sales increased 7.3 percent to 2.32 million units. GM added about 6,000 workers in the quarter; the automaker now has 208,000 total. Worldwide payroll increased 12.5 percent to $3.6 billion.
General Motors full-size pickup stock days' supply rose to 115 in July from 70 last December, though it's down from 122 in June. The company has an objective of about 90 days' supply by next December.
Based on current industry outlook, General Motors expects adjusted-BIT in the second half of 2011 to be modestly lower than in the first half. Sees full-year 2011 EBIT-adjusted will show solid improvement over 2010.
Shares are down 2.7 percent to $26.43 Thursday morning.
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