GM said Wednesday that adjusted earnings for the final three months of the year were $2.8 billion, or $1.93 a share, vs. $72 million, or 5 cents a share, in the same period a year ago. Analysts polled by FactSet had been expecting earnings of $1.60 a share.
Sales rose 23% to $37.5 billion from $30.8 billion in the same period last year, also beating the $36.2 billion average forecast of analysts polled by FactSet. Fourth-quarter EBIT-adjusted margin came in at 9.9%, the company said.
At the same time, the Detroit-based automaker warned that future earnings may be impacted by a global semiconductor chip shortage that it said could cut its earnings by $1.5 billion and $2 billion this year.
Specifically, GM said it now expects 2021 adjusted earnings of between $4.50 and $5.25 a share, well below current analyst estimates of $6.05 a share.