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Earnings Results: GM keeps hopes for the year intact after disappointing quarterly sales

General Motors Co. stock fell in the after-hours session Tuesday after the auto maker reported first-quarter sales below Wall Street expectations,

GM
GM,
-4.47%

said it earned $2.9 billion, or $1.35 a share, in the quarter, compared with $3.02 billion, or $2.03 a share, in the year-ago period. Adjusted for one-time items, GM earned $2.09 a share.

Sales rose to $35.98 billion from $32.47 billion a year ago.

Analysts polled by FactSet expected GM to report adjusted earnings of $1.65 a share on sales of $36.9 billion.

“Our confidence is strong as we accelerate our transformation, even in the face of a challenging macro environment,” Chief Executive Mary Barra said in a letter to shareholders.

GM said it expects full-year 2022 net income between $9.6 billion and $11.2 billion, and reaffirmed earnings guidance of EBIT-adjusted between $13 billion and $15 billion.

Read also: GM and Honda are setting their sights on making cheaper EVs

GM earlier this year bought Softbank Vision Fund’s stake in Cruise for $2.1 billion, amplifying its bet on the autonomous-driving unit.

GM shares have lost more than 34% in the past 12 months, contrasting with gains of around 1% for the S&P 500 index
SPX,
-2.81%

in the same timeframe.

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