General Motors reported record earnings for 2021, despite struggling with a shortage of computer chips and other parts that crimped its ability to build all the cars and trucks it wanted.
Quarterly earnings reached nearly $2 billion, excluding special items, topping the consensus forecast of $1.7 billion from analysts surveyed by Refinitiv. That allowed the company to earn $10.4 billion for the year, excluding special items, up from $7.1 billion a year earlier.
Other WRAL Top Stories
The company achieved those results despite being forced to temporarily close various factories throughout the year due to the shortage of parts. The number of vehicles it sold fell 8% from 2020 to 6.3 million worldwide. The company said it expects the supply of computer chips to be better this year, but gave conservative guidance for 2022 sales and profit similar to this year's results, despite the improved supply outlook.
GM shares fell 2% in after-hours trading following the results.
This is a developing story.
The-CNN-Wire™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.