(Reuters) – General Motors (GM) reported on Tuesday an operating profit dropped by 32% over a year in the second quarter, weighed down by Donald Trump’s customs policies who, according to the American manufacturer, amputated its results by $ 1.1 billion (940.09 million euros).
The group’s turnover for the closed quarter on June 30 decreased almost 2% over a year to around $ 47 billion, while the profit adjusted per share fell to $ 2.53, compared to $ 3.06 a year earlier.
Analysts expected an adjusted quarterly profit of $ 2.44 per share, according to LSEG data.
The American giant declared to expect the impact of customs duties to get worse in the third quarter, now its estimate of a charge of $ 4-5 billion on net profit. The group said they were considering taking measures to mitigate at least 30% of this impact.
GM has been one of the many companies that have suspended their annual forecasts, pending more details on the effect of Trump’s customs duties, but the manufacturer has reinforced, revised downwards, an annual adjusted operating profit between 10 and 12.5 billion dollars.
The American group maintained these prospects on Tuesday.
(Written by Nora Eckert in Detroit and Nathan Gomes in Bangalore; Coralie Lamarque; edited by Augustin Turpin)
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