Why General Motors (GM) Shares Are Trading Lower Today - General Motors (NYSE:GM)

General Motors Company GM reported second-quarter FY22 sales growth of 4.7% year-on-year, to $35.76 billion, beating the analyst consensus estimate of $34.59 billion.
Costs and expenses for the quarter rose 7.5% Y/Y to $33.6 billion.
The operating income for the quarter decreased 26.6% Y/Y to $2.1 billion, with an operating margin of 5.9%.
The net income margin contracted 360 basis points Y/Y to 4.7%.
Adjusted EBIT for the quarter totaled $2.3 billion with an adjusted EBIT margin of 6.6%.
The company held $16.7 billion in cash and equivalents as of June 30, 2022. The cash provided by operating activities totaled $5.2 billion.
The automotive operating cash flow for the quarter was $3.5 billion, and the adjusted automotive free cash flow totaled $1.4 billion.
Adjusted EPS of $1.14 missed the analyst consensus of $1.30.
Outlook: General Motors sees FY22 net income of $9.6 billion - $11.2 billion.
The company expects FY22 adjusted EPS of $6.50 - $7.50, versus the consensus estimate of $6.89.
GM CFO says it still expects 95,000 vehicles waiting for chips to be shipped before the year-end.
Price action: GM shares are trading lower by 3.68% at $33.25 in premarket on the last check Tuesday.
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General Motors Miss Q2 EPS On Supply Chain Disruptions; 95K Vehicles Still Waiting For Chips