General Motors reported mixed quarterly results and slashed its 2018 earnings outlook on Wednesday, sending shares down more than 5% ahead of the opening bell.
The automaker earned an adjusted $1.81 a share on net revenue of $36.8 billion. Wall Street analysts surveyed by Bloomberg were anticipating adjusted earnings of $1.77 a share on revenue of $36.8 billion.
Deliveries in the US rose 4.6% year-over-year to 758,000. That was better than the industry average of up 2.2%, the earnings release said. GM’s market share in the US rose 0.4 percentage points thanks to “very strong truck, SUV and all-new crossover sales.” Its inventory fell to 83 days supply versus 105 days a year ago.
“We faced signifcant external challenges, but delivered solid results this quarter,” CEO Mary Barra said in the earnings statement. “The fundamentals of our business are strong and we remain focused on our plan – delivering great vehicles, developing technologies to transform personal mobility and creating long-term shareholder value.”
GM lowered its full-year 2018 earnings forecast to an adjusted $6 a share, down from its prior mid-$6 range as a result of rising commodity costs and an unfavorable foreign exchange impact of the Brazilian real and Argentine peso.
Shares of the automaker were down 3.68% this year through Tuesday.
