Detroit automaker General Motors Co. (NYSE:GM) has reported a better-than-expected first-quarter profit despite the global semiconductor shortage that has closed some of its manufacturing plants.
GM also reiterated its full-year 2021 earnings guidance and said in a news release that: "Based on what we know today," its results will be at the upper end of the $10 billion U.S. to $11 billion U.S. adjusted pre-tax profit it has previously forecast.
The largest U.S. automaker posted a first-quarter net profit of $3 billion U.S., or $2.03 U.S. per share, up from $294 million U.S. or 17 cents U.S. per share a year earlier. Excluding special items, the company earned $2.25 U.S. per share, well above analyst expectations of $1.04 U.S. a share.
"The speed and agility of our team are front and center as we move from managing through a pandemic to managing the global semiconductor shortage," GM Chief Executive Officer Mary Barra said in the news release. "This remains a challenging period for the company as we emerge from 2020."
