DETROIT, Oct. 25,
2022 /PRNewswire/ -- General Motors Co. (NYSE: GM)
today reported third-quarter net income attributable to
stockholders of $3.3 billion and
EBIT-adjusted of $4.3 billion driven
by record third-quarter revenue of $41.9
billion. GM reaffirms its full-year earnings guidance.
Downloads
- GM Chair and CEO Mary Barra's
letter to shareholders
- Earnings deck
- Detailed quarterly results with year-over-year comparisons
Results Overview
|
Three Months
Ended
|
|
($M) except where
noted
|
September 30,
2022
|
September 30,
2021
|
Change
|
Revenue
|
$ 41,889
|
$ 26,779
|
$
15,110
|
Net income attributable
to stockholders
|
$
3,305
|
$
2,420
|
$
885
|
EBIT-adjusted
|
$
4,287
|
$
2,922
|
$
1,365
|
Net income
margin
|
7.9 %
|
9.0 %
|
(1.1) ppts
|
EBIT-adjusted
margin
|
10.2 %
|
10.9 %
|
(0.7) ppts
|
Automotive operating
cash flow
|
$
6,502
|
$
(2,602)
|
$
9,104
|
Adjusted automotive
free cash flow
|
$
4,593
|
$
(4,385)
|
$
8,978
|
EPS-diluted(a)
|
$
2.25
|
$
1.62
|
$
0.63
|
EPS-diluted-adjusted(a)
|
$
2.25
|
$
1.52
|
$
0.73
|
GMNA
EBIT-adjusted
|
$
3,894
|
$
2,125
|
$
1,769
|
GMNA EBIT-adjusted
margin
|
11.2 %
|
10.3 %
|
0.9 ppts
|
GMI
EBIT-adjusted
|
$
334
|
$
229
|
$
105
|
China equity
income
|
$
330
|
$
270
|
$
60
|
GM Financial
EBT-adjusted
|
$
911
|
$
1,093
|
$
(182)
|
__________
|
(a)
|
EPS-diluted and
EPS-diluted-adjusted include a $0.03 and $0.07 impact from
revaluation
on equity investments in the three months ended September 30, 2022
and 2021.
|
|
Nine Months
Ended
|
|
($M) except where
noted
|
September 30,
2022
|
September 30,
2021
|
Change
|
Revenue
|
$
113,627
|
$
93,420
|
$ 20,207
|
Net income attributable
to stockholders
|
$
7,935
|
$
8,278
|
$
(343)
|
EBIT-adjusted
|
$
10,675
|
$ 11,456
|
$
(781)
|
Net income
margin
|
7.0 %
|
8.9 %
|
(1.9) ppts
|
EBIT-adjusted
margin
|
9.4 %
|
12.3 %
|
(2.9) ppts
|
Automotive operating
cash flow
|
$
11,606
|
$
309
|
$
11,297
|
Adjusted automotive
free cash flow
|
$
6,006
|
$
(3,839)
|
$
9,845
|
EPS-diluted(a)
|
$
4.73
|
$
5.55
|
$
(0.82)
|
EPS-diluted-adjusted(a)
|
$
5.48
|
$
5.73
|
$
(0.25)
|
GMNA
EBIT-adjusted
|
$
9,334
|
$
8,153
|
$
1,181
|
GMNA EBIT-adjusted
margin
|
10.0 %
|
11.0 %
|
(1.0) ppts
|
GMI
EBIT-adjusted
|
$
871
|
$
552
|
$
319
|
China equity
income
|
$
477
|
$
854
|
$
(377)
|
GM Financial
EBT-adjusted
|
$
3,301
|
$
3,856
|
$
(555)
|
__________
|
(a)
|
EPS-diluted and
EPS-diluted-adjusted include a $(0.13) and $0.27 impact from
revaluation
on equity investments in the nine months ended September 30, 2022
and 2021.
|
2022 Guidance
- Full-year net income of between $9.6
billion and $11.2 billion, and
EBIT-adjusted of between $13.0
billion and $15.0 billion
- Full-year EPS-diluted of between $5.76 and $6.76,
and EPS-diluted-adjusted of between $6.50 and $7.50
- Full-year net automotive cash provided by operating activities
guidance range of between $16.0
billion and $19.0 billion, and
adjusted automotive free cash flow guidance range of between
$7.0 billion and $9.0 billion
See below for reconciliations of non-GAAP measures to their most
directly comparable GAAP measures or visit the GM Investor
Relations website for complete details.
Conference Call for Investors and Analysts
GM Chair and CEO Mary Barra and
Chief Financial Officer Paul
Jacobson will host a conference call for investors and
analysts at 8:30 a.m. ET today to
discuss these results. Introductory remarks will be followed by a
question-and-answer session.
Those who wish to listen to the call may dial in using the
following numbers:
- United States:
1-800-857-9821
- International: +1-517-308-9481
- Conference call passcode: General Motors
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 vehicle
safety and security services, 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. Forward-looking statements represent our current judgment
about possible future events and are often identified by words such
as "anticipate," "appears," "approximately," "believe," "continue,"
"could," "designed," "effect," "estimate," "evaluate," "expect,"
"forecast," "goal," "initiative," "intend," "may," "objective,"
"outlook," "plan," "potential," "priorities," "project," "pursue,"
"seek," "should," "target," "when," "will," "would," or the
negative of any of those words or similar expressions. 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.
Non-GAAP Reconciliations
The following table
reconciles Net income (loss) attributable to stockholders under
U.S. GAAP to EBIT (loss)-adjusted (dollars in millions):
|
Three Months
Ended
|
Nine Months
Ended
|
|
September 30,
2022
|
September 30,
2021
|
September 30,
2022
|
September 30,
2021
|
Net income (loss)
attributable to stockholders(a)
|
$
3,305
|
$
2,420
|
$
7,935
|
$
8,278
|
Income tax expense
(benefit)
|
845
|
152
|
1,308
|
2,300
|
Automotive interest
expense
|
259
|
230
|
719
|
723
|
Automotive interest
income
|
(122)
|
(38)
|
(245)
|
(102)
|
Adjustments
|
|
|
|
|
Cruise compensation
modifications(b)
|
—
|
—
|
1,057
|
—
|
Patent royalty
matters(c)
|
—
|
—
|
(100)
|
—
|
Cadillac dealer
strategy(d)
|
—
|
158
|
—
|
175
|
GM Korea wage
litigation(e)
|
—
|
—
|
—
|
82
|
Total
adjustments
|
—
|
158
|
957
|
257
|
EBIT
(loss)-adjusted
|
$
4,287
|
$
2,922
|
$
10,675
|
$
11,456
|
__________
|
(a)
|
Net of net loss
attributable to noncontrolling interests.
|
(b)
|
This adjustment was
excluded because it relates to the one-time modification of Cruise
stock incentive awards.
|
(c)
|
This adjustment was
excluded because it relates to the resolution, in the three months
ended March 31, 2022,
of substantially all matters related to certain royalties accrued
with respect to past-year vehicle sales.
|
(d)
|
These adjustments were
excluded because they relate to strategic activities to transition
certain Cadillac dealers
from the network as part of Cadillac's electric vehicle
strategy.
|
(e)
|
This adjustment was
excluded because of the unique events associated with Korea Supreme
Court decisions
related to our salaried workers.
|
The following table reconciles diluted earnings (loss) per
common share under U.S. GAAP to EPS-diluted-adjusted (dollars in
millions, except per share amounts):
|
Three Months
Ended
|
Nine Months
Ended
|
|
September 30,
2022
|
September 30,
2021
|
September 30,
2022
|
September 30,
2021
|
|
Amount
|
Per
Share
|
Amount
|
Per
Share
|
Amount
|
Per
Share
|
Amount
|
Per
Share
|
Diluted earnings per
common share
|
$ 3,278
|
$ 2.25
|
$ 2,375
|
$
1.62
|
$
6,931
|
$ 4.73
|
$
8,141
|
$ 5.55
|
Adjustments(a)
|
—
|
—
|
158
|
0.11
|
957
|
0.65
|
257
|
0.18
|
Tax effect on
adjustments(b)
|
—
|
—
|
(39)
|
(0.03)
|
(296)
|
(0.20)
|
(43)
|
(0.03)
|
Tax
adjustments(c)
|
—
|
—
|
(271)
|
(0.18)
|
(482)
|
(0.33)
|
45
|
0.03
|
Deemed dividend
adjustment(d)
|
—
|
—
|
—
|
—
|
909
|
0.62
|
—
|
—
|
EPS-diluted-adjusted
|
$ 3,278
|
$ 2.25
|
$ 2,223
|
$
1.52
|
$
8,019
|
$ 5.48
|
$ 8,400
|
$ 5.73
|
__________
|
(a)
|
Refer to the
reconciliation of Net income (loss) attributable to stockholders
under U.S. GAAP to EBIT (loss)-adjusted for
adjustment details.
|
(b)
|
The tax effect of each
adjustment is determined based on the tax laws and valuation
allowance status of the jurisdiction
to which the adjustment relates.
|
(c)
|
These adjustments
consist of tax benefit related to the release of a valuation
allowance against deferred tax assets
considered realizable as a result of Cruise tax reconsolidation in
the nine months ended September 30, 2022, tax
benefit related to a deduction for an investment in a subsidiary in
the three months ended September 30, 2021 and
tax expense related to the establishment of a valuation allowance
against deferred tax assets in the nine months
ended September 30, 2021. These adjustments were excluded because
of the unique nature of these events and
significant impacts of valuation allowances are not considered part
of our core operations.
|
(d)
|
This adjustment
consists of a deemed dividend related to the redemption of Cruise
preferred shares from SoftBank
in the nine months ended September 30, 2022.
|
The following table reconciles net automotive cash provided by
(used in) operating activities under U.S. GAAP to adjusted
automotive free cash flow (dollars in millions):
|
Three Months
Ended
|
Nine Months
Ended
|
|
September 30,
2022
|
September 30,
2021
|
September 30,
2022
|
September 30,
2021
|
Net automotive cash
provided by (used in) operating activities
|
$
6,502
|
$
(2,602)
|
$
11,606
|
$
309
|
Less: Capital
expenditures
|
(2,054)
|
(1,829)
|
(5,771)
|
(4,235)
|
Add: GMI
restructuring
|
—
|
—
|
—
|
24
|
Add: Cadillac dealer
strategy
|
—
|
27
|
—
|
44
|
Add: GM Korea wage
litigation
|
—
|
19
|
26
|
19
|
Add: Patent royalty
matters
|
145
|
—
|
145
|
—
|
Adjusted automotive
free cash flow
|
$
4,593
|
$
(4,385)
|
$
6,006
|
$
(3,839)
|
Guidance Reconciliations
The following table
reconciles expected Net income (loss) attributable to stockholders
under U.S. GAAP to expected EBIT-adjusted (dollars in
billions):
|
|
|
|
|
Year
Ending
December 31, 2022
|
Net income attributable
to stockholders
|
|
|
|
|
$
9.6-11.2
|
Income tax
expense
|
|
|
|
|
1.7-2.1
|
Automotive interest
expense, net
|
|
|
|
|
0.7
|
Adjustments(a)
|
|
|
|
|
1.0
|
EBIT-adjusted(b)
|
|
|
|
|
$
13.0-15.0
|
__________
|
(a)
|
Refer to the
reconciliation of Net income (loss) attributable to stockholders
under
U.S. GAAP to EBIT (loss)-adjusted for adjustment
details.
|
(b)
|
We do not consider the
potential future impact of adjustments on our expected
financial results.
|
The following table reconciles expected EPS-diluted under U.S.
GAAP to expected EPS-diluted-adjusted:
|
|
|
|
|
Year
Ending
December 31, 2022
|
Diluted earnings per
common share
|
|
|
|
|
$
5.76-6.76
|
Adjustments(a)
|
|
|
|
|
0.74
|
EPS-diluted-adjusted(b)
|
|
|
|
|
$
6.50-7.50
|
__________
|
(a)
|
Refer to the
reconciliation of diluted earnings (loss) per common share
under
U.S. GAAP to EPS-diluted-adjusted for adjustment
details.
|
(b)
|
We do not consider the
potential future impact of adjustments on our expected
financial results.
|
The following table reconciles expected automotive net cash
provided by operating activities under U.S. GAAP to adjusted
automotive free cash flow (dollars in billions):
|
|
Year
Ending
December 31, 2022
|
Net automotive cash
provided by operating activities
|
|
$
16.0-19.0
|
Less: Capital
expenditures
|
|
9.0-10.0
|
Adjustments
|
|
0.1
|
Adjusted automotive
free cash flow
|
|
$
7.0-9.0
|
View original
content:https://www.prnewswire.com/news-releases/gm-reports-third-quarter-2022-results-301657887.html
SOURCE General Motors Co.