This January 27, 2020 photo shows the General Motors logo. Vehicles were in short supply due to a global shortage of computer chips, which pushed up prices and helped General Motors increase last year’s net revenue by 56%.
A Detroit car maker said on Tuesday, February 1, 2022, it made $ 100.2 billion for the full year. In 2022, pre-tax profit is projected to be between $ 13 billion and $ 15 billion, and net income is projected to be between $ 9.4 billion and $ 10.8 billion. (APPhoto / Paul Sancya)
Detroit (AP) — Vehicles were in short supply due to a global shortage of computer chips, which pushed up prices and helped General Motors increase last year’s net revenue by 56%.
A Detroit car maker said Tuesday that it made $ 100.2 billion for the full year. In 2022, pre-tax profit is projected to be between $ 13 billion and $ 15 billion, and net income is projected to be between $ 9.4 billion and $ 10.8 billion.
According to FactSet, GM earned $ 7.07 per share annually, excluding temporary items, above analysts’ estimate of $ 6.83. Full-year sales were $ 127 billion, below the estimated $ 128.7 billion.
In the fourth quarter, GM made a net profit of $ 1.7 billion.
GM’s sales in the most profitable market, the United States, fell 13% annually, leaving Toyota as the first best-selling car maker in the country.The company lost almost 3 percentage points of market share, dropping to 14.6%
However, according to Edmunds.com, GM’s average vehicle sales price rose nearly 20% in the fourth quarter from a year ago to nearly $ 54,000.
The global shortage of semiconductors has forced almost all automakers to cut production, leaving few new cars in dealer lots.
Despite profits, GM shares fell slightly to $ 53.93 in after-hours trading on Tuesday.
Jessica Caldwell, Executive Director of Insights at Edmunds.com, said: But she said inventory levels looked better than in the third quarter and the vehicle was sold at a higher average price than GM’s Detroit competitors.
In North America, GM generated $ 10.3 billion in pre-tax profit annually. That’s $ 10,250 in the company’s annual profit sharing of 42,500 qualified unionized factory workers, GM said. Workers will see the money on February 25th. Last year’s payment was $ 9,000.
Record selling prices boosted GM’s profits by 56% to $ 10 billion last year | WGN Radio 720
Source link Record selling prices boosted GM’s profits by 56% to $ 10 billion last year | WGN Radio 720
The post Record selling prices boosted GM’s profits by 56% to $ 10 billion last year | WGN Radio 720 appeared first on Illinois News Today.
No comments:
Post a Comment