GM raised its full-year profit outlook and reported a lower quarterly profit

General Motors raised its full-year profit outlook and reported a lower quarterly profit. Both are in the same release, filed July 21 at 6:30 a.m. ET.

Revenue for the quarter was $48.0bn, up 1.9 percent from $47.1bn a year earlier. Net income attributable to stockholders came in at $1.3bn, down 31.1 percent from $1.9bn, and diluted EPS on a GAAP basis fell to $1.41 from $1.91. On the company's adjusted measures the direction reverses. EBIT-adjusted rose 29.8 percent to $3.9bn, and adjusted diluted EPS climbed to $3.57 from $2.53.

The guidance tells the same split story. GM raised its full-year EBIT-adjusted range to $14.0bn to $16.0bn, the second increase this year, and lifted adjusted diluted EPS guidance to a range of $12.00 to $14.00. On a GAAP basis the outlook came down. The reconciliation table shows expected full-year net income of $8.4bn to $9.8bn, below the prior $9.9bn to $11.4bn, and the line that moved is adjustments, which the company now puts at $3.5bn against $1.0bn before. The release does not attribute those adjustments to a cause, and none is stated here.

The board declared a quarterly dividend of $0.18 a share, payable September 17 to holders of record on September 4. Chair and Chief Executive Mary Barra and Chief Financial Officer Paul Jacobson were scheduled to discuss the results with analysts at 8:30 a.m. ET.