GM releases 2024 third-quarter results and updates full-year guidance
DETROIT, Oct. 22, 2024 /PRNewswire/ -- General Motors (NYSE:GM) today reported third-quarter 2024 revenue of $48.8 billion, net income attributable to stockholders of $3.1 billion, and EBIT-adjusted of $4.1 billion.
GM is also updating its 2024 full-year earnings guidance for the third consecutive quarter:
Updated 2024 Guidance
Previous 2024 Guidance
Net income attributable to stockholders
$10.4 billion - $11.1 billion
$10.0 billion - $11.4 billion
EBIT-adjusted
$14.0 billion - $15.0 billion
$13.0 billion - $15.0 billion
Automotive operating cash flow
$22.0 billion - $24.0 billion
$19.2 billion - $22.2 billion
Adjusted automotive free cash flow
$12.5 billion - $13.5 billion
$9.5 billion - $11.5 billion
EPS-diluted
$9.14 - $9.64
$8.93 - $9.93
EPS-diluted-adjusted
$10.00 - $10.50
$9.50 - $10.50
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
September 30, 2024
September 30, 2023
Change
% Change
Revenue
$ 48,757
$ 44,131
$ 4,626
10.5 %
Net income attributable to stockholders
$ 3,056
$ 3,064
$ (8)
(0.3) %
EBIT-adjusted
$ 4,115
$ 3,564
$ 551
15.5 %
Net income margin
6.3 %
6.9 %
(0.6) ppts
(8.7) %
EBIT-adjusted margin
8.4 %
8.1 %
0.3 ppts
3.7 %
Automotive operating cash flow
$ 7,863
$ 6,794
$ 1,069
15.7 %
Adjusted automotive free cash flow
$ 5,834
$ 4,910
$ 924
18.8 %
EPS-diluted(a)
$ 2.68
$ 2.20
$ 0.48
21.8 %
EPS-diluted-adjusted(a)
$ 2.96
$ 2.28
$ 0.68
29.8 %
GMNA EBIT-adjusted
$ 3,982
$ 3,526
$ 456
12.9 %
GMNA EBIT-adjusted margin
9.7 %
9.8 %
(0.1) ppts
(1.0) %
GMI EBIT-adjusted
$ 42
$ 357
$ (315)
(88.2) %
China equity income (loss)
$ (137)
$ 192
$ (329)
n.m.
GM Financial EBT-adjusted
$ 687
$ 741
$ (54)
(7.3) %
__________
(a)
EPS-diluted and EPS-diluted-adjusted include a $(0.02) and $(0.05) impact from revaluation on equity investments in the three months ended September 30, 2024 and 2023.
(b)
n.m. = not meaningful
General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at 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
$ 10.4-11.1
$ 10.0-11.4
Income tax expense
2.4-2.7
2.2-2.8
Automotive interest income, net
(0.1)
(0.1)
Adjustments(a)
1.3
0.9
EBIT-adjusted
$ 14.0-15.0
$ 13.0-15.0
__________
(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
$ 9.14-9.64
$ 8.93-9.93
Adjustments(a)
0.86
0.57
EPS-diluted-adjusted
$ 10.00-10.50
$ 9.50-10.50
__________
(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
$ 22.0-24.0
$ 19.2-22.2
Less: Capital expenditures
10.0-11.0
10.0-11.0
Adjustments
0.5
0.3
Adjusted automotive free cash flow(a)
$ 12.5-13.5
$ 9.5-11.5
__________
(a)
These expected financial results do not include the potential impact of future adjustments related to special items.
General Motors Company and Subsidiaries1
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended September 30, 2024
Three Months Ended September 30, 2023
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Net sales and revenue
Automotive
$ 44,735
$ 26
$ ,
$ (26)
$ 44,735
$ 40,503
$ 25
$ ,
$ (30)
$ 40,498
GM Financial
—
—
4,031
(10)
4,021
—
—
3,641
(8)
3,633
Total net sales and revenue
44,735
26
4,031
(36)
48,757
40,503
25
3,641
(38)
44,131
Costs and expenses
Automotive and other cost of sales
38,768
240
—
(1)
39,007
35,141
706
—
(5)
35,842
GM Financial interest, operating and other expenses
—
—
3,354
—
3,353
—
—
2,933
—
2,933
Automotive and other selling, general and administrative expense
2,544
203
—
(1)
2,745
2,217
127
—
(1)
2,344
Total costs and expenses
41,312
442
3,354
(2)
45,105
37,359
833
2,933
(6)
41,118
Operating income (loss)
3,424
(417)
678
(33)
3,651
3,144
(807)
708
(32)
3,013
Automotive interest expense
206
30
—
(30)
206
231
9
—
(11)
229
Interest income and other non-operating income, net
379
11
—
4
394
406
26
—
20
453
Equity income (loss)
(132)
—
10
—
(122)
194
—
33
—
227
Income (loss) before income taxes
$ 3,465
$ (435)
$ 687
$ ,
$ 3,717
$ 3,514
$ (791)
$ 741
$ ,
$ 3,464
Income tax expense (benefit)
709
470
Net income (loss)
3,008
2,994
Net loss (income) attributable to noncontrolling interests
48
70
Net income (loss) attributable to stockholders
$ 3,056
$ 3,064
Net income (loss) attributable to common stockholders
$ 3,029
$ 3,038
Nine Months Ended September 30, 2024
Nine Months Ended September 30, 2023
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Net sales and revenue
Automotive
$ 128,007
$ 76
$ ,
$ (76)
$ 128,008
$ 118,403
$ 76
$ ,
$ (81)
$ 118,398
GM Financial
—
—
11,761
(29)
11,732
—
—
10,482
(17)
10,465
Total net sales and revenue
128,007
76
11,761
(105)
139,740
118,403
76
10,482
(98)
128,863
Costs and expenses
Automotive and other cost of sales
109,958
1,662
—
(2)
111,618
102,917
1,811
—
(7)
104,721
GM Financial interest, operating and other expenses
—
—
9,569
(1)
9,568
—
—
8,314
(1)
8,313
Automotive and other selling, general and administrative expense
6,813
482
—
(3)
7,292
7,089
362
—
(2)
7,449
Total costs and expenses
116,771
2,144
9,569
(5)
128,478
110,006
2,172
8,314
(10)
120,483
Operating income (loss)
11,237
(2,067)
2,192
(100)
11,262
8,397
(2,096)
2,168
(88)
8,380
Automotive interest expense
631
158
—
(158)
631
691
20
—
(22)
689
Interest income and other non-operating income, net
785
29
(1)
(58)
756
1,068
86
(1)
66
1,219
Equity income (loss)
(366)
—
55
—
(311)
246
—
111
—
357
Income (loss) before income taxes
$ 11,026
$(2,196)
$ 2,246
$ ,
$ 11,076
$ 9,019
$(2,030)
$ 2,278
$ ,
$ 9,267
Income tax expense (benefit)
2,238
1,421
Net income (loss)
8,837
7,846
Net loss (income) attributable to noncontrolling interests
132
179
Net income (loss) attributable to stockholders
$ 8,969
$ 8,026
Net income (loss) attributable to common stockholders
$ 8,914
$ 7,946
__________
1 Certain columns and rows may not add due to rounding.
General Motors Company and Subsidiaries1Basic and Diluted Earnings per Share(Unaudited)
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended
Nine Months Ended
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Basic earnings per share
Net income (loss) attributable to stockholders
$ 3,056
$ 3,064
$ 8,969
$ 8,026
Less: cumulative dividends on subsidiary preferred stock(a)
(27)
(26)
(55)
(80)
Net income (loss) attributable to common stockholders
$ 3,029
$ 3,038
$ 8,914
$ 7,946
Weighted-average common shares outstanding
1,116
1,372
1,136
1,384
Basic earnings per common share
$ 2.71
$ 2.21
$ 7.85
$ 5.74
Diluted earnings per share
Net income (loss) attributable to common stockholders, diluted
$ 3,029
$ 3,038
$ 8,914
$ 7,946
Weighted-average common shares outstanding, diluted
1,131
1,378
1,147
1,390
Diluted earnings per common share
$ 2.68
$ 2.20
$ 7.77
$ 5.72
Potentially dilutive securities(b)
6
14
6
14
__________
(a)
Includes an insignificant amount in participating securities income from a subsidiary for the nine months ended September 30, 2024.
(b)
Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at September 30, 2024 and outstanding stock options and RSUs at September 30, 2023, were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.
General Motors Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
September 30, 2024
December 31, 2023
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
ASSETS
Current Assets
Cash and cash equivalents
$ 18,172
$ 720
$ 4,852
$ ,
$ 23,744
$ 12,228
$ 1,344
$ 5,282
$ ,
$ 18,853
Marketable debt securities
8,477
—
—
—
8,477
7,613
—
—
—
7,613
Accounts and notes receivable, net(a)
12,684
38
1,679
(619)
13,782
11,814
—
1,891
(1,327)
12,378
GM Financial receivables, net(e)
—
—
44,736
(283)
44,453
—
—
39,246
(170)
39,076
Inventories
17,330
—
—
(5)
17,325
16,467
—
—
(6)
16,461
Other current assets(b)
2,639
39
4,957
1
7,636
1,994
466
5,205
(428)
7,238
Total current assets
59,303
796
56,224
(905)
115,419
50,115
1,809
51,624
(1,931)
101,618
Non-current Assets
GM Financial receivables, net(d)
—
—
