GM Releases 2024 Second-Quarter Results and Raises Full-Year Guidance
DETROIT, July 23, 2024 /PRNewswire/ -- General Motors Co. (NYSE: GM) today reported second-quarter 2024 revenue of $48.0 billion, net income attributable to stockholders of $2.9 billion and EBIT-adjusted of $4.4 billion.
GM is also updating its 2024 full-year earnings guidance for the second consecutive quarter:
Updated 2024 Guidance | Previous 2024 Guidance | |
Net income attributable to stockholders | $10.0 billion - $11.4 billion | $10.1 billion - $11.5 billion |
EBIT-adjusted | $13.0 billion - $15.0 billion | $12.5 billion - $14.5 billion |
Automotive operating cash flow | $19.2 billion - $22.2 billion | $18.3 billion - $21.3 billion |
Adjusted automotive free cash flow | $9.5 billion - $11.5 billion | $8.5 billion - $10.5 billion |
EPS-diluted | $8.93 - $9.93 | $8.94 - $9.94 |
EPS-diluted-adjusted | $9.50 - $10.50 | $9.00 - $10.00 |
GM's 2024 financial guidance includes anticipated capital spending of $10.5 billion - $11.5 billion, inclusive of investments in the company's battery cell manufacturing joint ventures.
Conference Call for Investors and Analysts
GM Chair and CEO Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.
Conference call details are as follows:
- 1-800-857-9821 (U.S.)
- 1-517-308-9481 (international/caller-paid)
- Conference call passcode: General Motors
- An audio replay will be available on the GM Investor Relations website in the Events section.
Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's letter to shareholders.
Results Overview
Three Months Ended | ||||
($M) except per share amounts | June 30, 2024 | June 30, 2023 | Change | % Change |
Revenue | $ 47,969 | $ 44,746 | $ 3,223 | 7.2 % |
Net income attributable to stockholders | $ 2,933 | $ 2,566 | $ 367 | 14.3 % |
EBIT-adjusted | $ 4,438 | $ 3,234 | $ 1,204 | 37.2 % |
Net income margin | 6.1 % | 5.7 % | 0.4 ppts | 7.0 % |
EBIT-adjusted margin | 9.3 % | 7.2 % | 2.1 ppts | 29.2 % |
Automotive operating cash flow | $ 7,713 | $ 7,114 | $ 599 | 8.4 % |
Adjusted automotive free cash flow | $ 5,297 | $ 5,548 | $ (251) | (4.5) % |
EPS-diluted(a) | $ 2.55 | $ 1.83 | $ 0.72 | 39.3 % |
EPS-diluted-adjusted(a) | $ 3.06 | $ 1.91 | $ 1.15 | 60.2 % |
GMNA EBIT-adjusted | $ 4,433 | $ 3,194 | $ 1,239 | 38.8 % |
GMNA EBIT-adjusted margin | 10.9 % | 8.6 % | 2.3 ppts | 26.7 % |
GMI EBIT-adjusted | $ 50 | $ 236 | $ (186) | (78.8) % |
China equity income (loss) | $ (104) | $ 78 | $ (182) | n.m. |
GM Financial EBT-adjusted | $ 822 | $ 766 | $ 56 | 7.3 % |
__________ | |
(a) | EPS-diluted and EPS-diluted-adjusted include a $(0.10) and $(0.03) impact from revaluation on equity investments in the three months ended June 30, 2024 and 2023. |
(b) | n.m. = not meaningful |
Six Months Ended | ||||
($M) except per share amounts | June 30, 2024 | June 30, 2023 | Change | % Change |
Revenue | $ 90,983 | $ 84,732 | $ 6,251 | 7.4 % |
Net income attributable to stockholders | $ 5,913 | $ 4,962 | $ 951 | 19.2 % |
EBIT-adjusted | $ 8,310 | $ 7,037 | $ 1,273 | 18.1 % |
Net income margin | 6.5 % | 5.9 % | 0.6 ppts | 10.2 % |
EBIT-adjusted margin | 9.1 % | 8.3 % | 0.8 ppts | 9.6 % |
Automotive operating cash flow | $ 11,311 | $ 9,346 | $ 1,965 | 21.0 % |
Adjusted automotive free cash flow | $ 6,388 | $ 5,415 | $ 973 | 18.0 % |
EPS-diluted(a) | $ 5.10 | $ 3.52 | $ 1.58 | 44.9 % |
EPS-diluted-adjusted(a) | $ 5.68 | $ 4.12 | $ 1.56 | 37.9 % |
GMNA EBIT-adjusted | $ 8,273 | $ 6,769 | $ 1,504 | 22.2 % |
GMNA EBIT-adjusted margin | 10.8 % | 9.7 % | 1.1 ppts | 11.3 % |
GMI EBIT-adjusted | $ 40 | $ 583 | $ (543) | (93.1) % |
China equity income (loss) | $ (210) | $ 161 | $ (371) | n.m. |
GM Financial EBT-adjusted | $ 1,559 | $ 1,537 | $ 22 | 1.4 % |
__________ | |
(a) | EPS-diluted and EPS-diluted-adjusted include an $(0.11) impact from revaluation on equity investments in the six months ended June 30, 2024. |
(b) | n.m. = not meaningful |
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in safety services and connected vehicle technology, can be found at https://www.gm.com.
Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.
Guidance Reconciliations
The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):
Year Ending December 31, 2024 | |||
Updated | Previous | ||
Net income attributable to stockholders | $ 10.0-11.4 | $ 10.1-11.5 | |
Income tax expense | 2.2-2.8 | 2.2-2.8 | |
Automotive interest (income) expense, net | (0.1) | 0.1 | |
Adjustments(a) | 0.9 | 0.1 | |
EBIT-adjusted | $ 13.0-15.0 | $ 12.5-14.5 | |
__________ | |
(a) | Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items. |
The following table reconciles expected EPS-diluted under U.S. GAAP to expected EPS-diluted-adjusted:
Year Ending December 31, 2024 | |||
Updated | Previous | ||
Diluted earnings per common share | $ 8.93-9.93 | $ 8.94-9.94 | |
Adjustments(a) | 0.57 | 0.06 | |
EPS-diluted-adjusted | $ 9.50-10.50 | $ 9.00-10.00 | |
__________ | |
(a) | Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items. |
The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):
Year Ending December 31, 2024 | |||
Updated | Previous | ||
Net automotive cash provided by operating activities | $ 19.2-22.2 | $ 18.3-21.3 | |
Less: Capital expenditures | 10.0-11.0 | 10.0-11.0 | |
Adjustments | 0.3 | 0.2 | |
Adjusted automotive free cash flow(a) | $ 9.5-11.5 | $ 8.5-10.5 | |
__________ | |
(a) | These expected financial results do not include the potential impact of future adjustments related to special items. |
General Motors Company and Subsidiaries1 | |||||||||||||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | ||||||||||||||||||
Automotive | Cruise | GM Financial | Reclassifications | Combined | Automotive | Cruise | GM Financial | Reclassifications | Combined | ||||||||||
Net sales and revenue | |||||||||||||||||||
Automotive | $ 44,060 | $ 25 | $ — | $ (25) | $ 44,060 | $ 41,254 | $ 26 | $ — | $ (26) | $ 41,254 | |||||||||
GM Financial | — | — | 3,918 | (10) | 3,908 | — | — | 3,498 | (5) | 3,493 | |||||||||
Total net sales and revenue | 44,060 | 25 | 3,918 | (35) | 47,969 | 41,254 | 26 | 3,498 | (31) | 44,746 | |||||||||
Costs and expenses | |||||||||||||||||||
Automotive and other cost of | 37,592 | 1,023 | — | — | 38,615 | 36,059 | 574 | — | (1) | 36,632 | |||||||||
GM Financial interest, | — | — | 3,109 | — | 3,109 | — | — | 2,768 | — | 2,768 | |||||||||
Automotive and other selling, | 2,234 | 138 | — | (1) | 2,372 | 2,434 | 125 | — | (1) | 2,558 | |||||||||
Total costs and expenses | 39,827 | 1,161 | 3,109 | (2) | 44,096 | 38,493 | 698 | 2,768 | (2) | 41,958 | |||||||||
Operating income (loss) | 4,233 | (1,136) | 809 | (33) | 3,873 | 2,761 | (673) | 729 | (29) | 2,789 | |||||||||
Automotive interest expense | 206 | 112 | — | (112) | 206 | 226 | 8 | — | (8) | 226 | |||||||||
Interest income and other non- | 133 | 6 | — | (79) | 60 | 308 | 29 | — | 21 | 358 | |||||||||
Equity income (loss) | (97) | — |
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