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General Motors Co GM shares are trading lower Tuesday after Ford Motor Co F shares fell following the company’s warning that part shortages will impact its third-quarter results.
Ford said supply shortages will result in a higher number of vehicles (between 40,000 and 45,000) in its inventory awaiting parts at the end of the third quarter. The vehicles largely consist of high-demand, high-margin models of popular trucks and SUVs.
Ford also noted that inflation-related supplier costs during the third quarter will be about $1 billion higher than originally expected. As a result, the company now anticipates third-quarter adjusted EBIT to be in a range of $1.4 billion to $1.7 billion. Full-year adjusted EBIT is still expected to be between $11.5 billion and $12.5 billion.
GM Price Action: General Motors has a 52-week high of $67.21 and a 52-week low of $30.33.
The stock was down 2.1% at $40.52 Tuesday morning, according to Benzinga Pro.
Photo: courtesy of General Motors.
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Image and article originally from www.benzinga.com. Read the original article here.