GM upbeat on full-year earnings despite quarterly profit drop

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GM said adjusted earnings per share in the quarter dropped to $1.52, from $2.83 a year earlier, citing the global semiconductor shortage. Analysts had expected 96 cents a share.

In a letter to shareholders, Chief Executive Mary Barra said, “We now believe GM’s full-year results will approach the high end of our guidance, which is for EBIT-adjusted in the range of $11.5 billion to $13.5 billion.”