DETROIT, May 5, 2021 /PRNewswire/ -- General Motors
Co. (NYSE: GM) today reported first-quarter earnings driven by
strong price and mix performance in North
America, strong credit and residual value performance at GM
Financial, and the industry recovery in China. The company is highly confident in its
full-year 2021 guidance outlined earlier this year as it works to
manage through the semiconductor shortage, which is impacting
automakers globally. Based on information available today, the
company expects to be at the higher-end of the EBIT-adjusted
range.
Downloads
- GMChairman and CEO Mary Barra's
letter to shareholders
- Detailed quarterly results with year-over-year comparisons
First-quarter 2021 results overview
- Revenue of $32.5 billion
- Net income of $3.0 billion, and
EBIT-adjusted of $4.4 billion
- Net income margin of 9.3 percent, and EBIT-adjusted margin of
13.6 percent
- Automotive operating cash flow of $(1.1)
billion, and adjusted automotive free cash flow of
$(1.9) billion
- EPS-diluted of $2.03, and
EPS-diluted-adjusted of $2.25*
- GM North America EBIT-adjusted of $3.1
billion, and EBIT-adjusted margin of 12.1 percent
- GM International EBIT-adjusted of $0.3
billion, including China Equity Income of $0.3 billion
- GM Financial EBT-adjusted of $1.2
billion
First-quarter 2020 results overview
- Revenue of $32.7 billion
- Net income of $0.3 billion, and
EBIT-adjusted of $1.2 billion
- Net income margin of 0.9 percent, and EBIT-adjusted margin of
3.8 percent
- Automotive operating cash flow of $0.3
billion, and adjusted automotive free cash flow of
$(0.9) billion
- EPS-diluted of $0.17, and
EPS-diluted-adjusted of $0.62**
- GM North America EBIT-adjusted of $2.2
billion, and EBIT-adjusted margin of 8.5 percent
- GM International EBIT-adjusted of $(0.6)
billion, including China Equity Income of $(0.2) billion
- GM Financial EBT-adjusted of $0.2
billion
2021 guidance
- Full-year EPS-diluted of between $4.28 and $5.03,
and EPS-diluted-adjusted of between $4.50 and $5.25
- Full-year net income of between $6.8
billion and $7.6 billion, and
EBIT-adjusted of between $10.0
billion and $11.0 billion
- Six months ending June 30, 2021
net income of ~$3.5 billion, and
EBIT-adjusted of ~$5.5 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
Barra and Chief Financial Officer Paul
Jacobson will host a conference call for investors and
analysts at 10 a.m. ET today to
discuss these results and the company's growth strategy.
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:
1-888-808-8618
- International: +1-949-484-0645
- Name of call: GM Earnings Call
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 powers 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 judgement
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 judgements 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 attributable to
stockholders under U.S. GAAP to EBIT-adjusted (dollars in
millions):
|
Three Months
Ended
|
|
March 31,
2021
|
March 31,
2020
|
Net income
attributable to stockholders(a)
|
$
|
3,022
|
|
$
|
294
|
|
Automotive interest
income
|
(32)
|
|
(83)
|
|
Automotive interest
expense
|
250
|
|
193
|
|
Income tax
expense
|
1,177
|
|
357
|
|
Adjustments
|
|
|
GMI
restructuring(b)
|
—
|
|
489
|
|
Total
adjustments
|
—
|
|
489
|
|
EBIT-adjusted
|
$
|
4,417
|
|
$
|
1,250
|
|
|
|
(a)
|
Net of Net loss
attributable to noncontrolling interests.
|
(b)
|
These adjustments
were excluded because of a strategic decision to rationalize our
core operations by exiting or significantly reducing our presence
in various international markets to focus resources on
opportunities expected to deliver higher returns. The adjustments
primarily consist of asset impairments, dealer restructurings,
employee separation charges and sales allowances in Australia, New
Zealand and Thailand in the three months ended March 31,
2020.
|
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
|
|
March 31,
2021
|
March 31,
2020
|
|
Amount
|
Per
Share
|
Amount
|
Per
Share
|
Diluted earnings per
common share
|
$
|
2,976
|
|
$
|
2.03
|
|
$
|
247
|
|
$
|
0.17
|
|
Adjustments(a)
|
—
|
|
—
|
|
489
|
|
0.34
|
|
Tax effect on
adjustment(b)
|
—
|
|
—
|
|
(73)
|
|
(0.05)
|
|
Tax
adjustment(c)
|
316
|
|
0.22
|
|
236
|
|
0.16
|
|
EPS-diluted-adjusted
|
$
|
3,292
|
|
$
|
2.25
|
|
$
|
899
|
|
$
|
0.62
|
|
|
|
(a)
|
Refer to the
reconciliation of Net income attributable to stockholders
under U.S. GAAP to EBIT-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 expense related to the establishment of a valuation
allowance against deferred tax assets that are considered no longer
realizable for Cruise in the three months ended March 31, 2021 and
for GM in Australia and New Zealand for the three months ended
March 31, 2020. These adjustments were excluded because significant
impacts of valuation allowances are not considered part of our core
operations.
|
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
|
|
March 31,
2021
|
March 31,
2020
|
Net automotive cash
provided by (used in) operating activities
|
$
|
(1,096)
|
|
$
|
337
|
|
Less: Capital
expenditures
|
(860)
|
|
(1,205)
|
|
Add: GMI
restructuring
|
24
|
|
23
|
|
Less: GM Brazil
indirect tax recoveries
|
—
|
|
(58)
|
|
Adjusted automotive
free cash flow
|
$
|
(1,932)
|
|
$
|
(903)
|
|
Guidance Reconciliations
The following table reconciles expected Net income attributable
to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars
in billions):
|
Six Months
Ending
June 30, 2021
|
Year
Ending
December 31, 2021
|
Net income
attributable to stockholders
|
$
|
~3.5
|
$
|
6.8-7.6
|
Income tax
expense
|
|
~1.5
|
|
2.2-2.4
|
Automotive interest
expense, net
|
|
~0.5
|
|
1.0
|
EBIT-adjusted
(a)
|
$
|
~5.5
|
$
|
10.0-11.0
|
|
|
(a)
|
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, 2021
|
Diluted earnings per
common share
|
$
|
4.28-5.03
|
Adjustment - Cruise
deferred income tax valuation allowance
|
|
0.22
|
EPS-diluted-adjusted(a)
|
$
|
4.50-5.25
|
|
|
(a)
|
We do not consider
the potential future impact of adjustments on our expected
financial results.
|
View original
content:http://www.prnewswire.com/news-releases/gm-reports-strong-first-quarter-2021-results-301284256.html
SOURCE General Motors Co.