FILE PHOTO: The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021.REUTERS/Rebecca Cook/File Photo
February 1, 2022
DETROIT (Reuters) -General Motors Co on Tuesday said it expects 2022 operating profit of $13 billion to $15 billion, citing an improving outlook for semiconductor chips used in its vehicles.
The company posted 2021 operating profit of $14.3 billion and net income of $10 billion. It expects 2022 net income of $9.4 billion to $10.8 billion, if there are “no significant new economic or supply chain challenges.”
Fourth-quarter net income was $1.67 billion and operating profit was $2.8 billion. GM’s net income margin in the quarter shrank to 5.2%, compared with its full-year net margin of 7.9%.
The automaker’s vehicle sales and market share declined in 2021, while EBIT-adjusted margins jumped as GM focused on sales of more profitable pickups and SUVs.
GM shares were volatile in after-hours trade and were last down 0.5%.
(Reporting by Paul Lienert and Ben Klayman; Editing by Bernard Orr)
Source: One America News Network
