GM Releases 2023 First-Quarter Results and Raises Full-Year Guidance
GM is also updating its full-year 2023 earnings guidance:
U.S. GAAP net income attributable to stockholders of$8.4 billion-$9.9 billion , compared to the previous outlook of$8.7 billion-$10.1 billion , including$0.9 billion of charges related to the voluntary separation program- EBIT-adjusted of
$11.0 billion-$13.0 billion , compared to the previous outlook of$10.5 billion-$12.5 billion U.S. GAAP net automotive cash provided by operating activities of$16.5 billion-$20.5 billion , compared to the previous outlook of$16.0 billion-$20.0 billion - Adjusted automotive free cash flow of
$5.5 billion-$7.5 billion , compared to the previous outlook of$5.0 billion-$7.0 billion
See below for reconciliations of non-GAAP measures to their most directly comparable GAAP measures or visit the GM Investor Relations website for complete details.
Downloads
- • GM Chair and CEO
Mary Barra's letter to shareholders - • Earnings deck
- • Detailed quarterly results with year-over-year comparisons
Conference Call for Investors and Analysts
GM Chair and CEO
United States : 1-800-857-9821- International: +1-517-308-9481
- Conference call passcode: General Motors
Results Overview | ||||
Three Months Ended | ||||
($M) except where noted | Change | % Change | ||
Revenue | $ 39,985 | $ 35,979 | $ 4,006 | 11.1 % |
Net income attributable to stockholders | $ 2,395 | $ 2,939 | $ (544) | (18.5) % |
EBIT-adjusted | $ 3,803 | $ 4,044 | $ (241) | (6.0) % |
Net income margin | 6.0 % | 8.2 % | (2.2) ppts | (26.8) % |
EBIT-adjusted margin | 9.5 % | 11.2 % | (1.7) ppts | (15.2) % |
Automotive operating cash flow | $ 2,232 | $ 1,635 | $ 597 | 36.5 % |
Adjusted automotive free cash flow | $ (132) | $ 6 | $ (138) | n.m. |
EPS-diluted(a) | $ 1.69 | $ 1.35 | $ 0.34 | 25.2 % |
EPS-diluted-adjusted(a) | $ 2.21 | $ 2.09 | $ 0.12 | 5.7 % |
GMNA EBIT-adjusted | $ 3,576 | $ 3,141 | $ 435 | 13.8 % |
GMNA EBIT-adjusted margin | 10.9 % | 10.7 % | 0.2 ppts | 1.9 % |
GMI EBIT-adjusted | $ 347 | $ 328 | $ 19 | 5.8 % |
$ 83 | $ 234 | $ (151) | (64.5) % | |
GM Financial EBT-adjusted | $ 771 | $ 1,284 | $ (513) | (40.0) % |
(a) | EPS-diluted and EPS-diluted-adjusted include a | |||||||||
(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 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
Non-GAAP Reconciliations
The following table reconciles Net income attributable to stockholders under
Three Months Ended | ||
Net income attributable to stockholders(a) | $ 2,395 | $ 2,939 |
Income tax expense (benefit) | 428 | (28) |
Automotive interest expense | 234 | 226 |
Automotive interest income | (229) | (50) |
Adjustments | ||
Voluntary separation program(b) | 875 | — |
Cruise compensation modifications(c) | — | 1,057 |
Buick dealer strategy(d) | 99 | — |
Patent royalty matters(e) | — | (100) |
Total adjustments | 974 | 957 |
EBIT-adjusted | $ 3,803 | $ 4,044 |
(a) | Net of net loss attributable to noncontrolling interests. | ||||||||||
(b) | This adjustment was excluded because it relates to the acceleration of attrition as part of the cost reduction program announced in | ||||||||||
(c) | This adjustment was excluded because it relates to the one-time modification of Cruise stock incentive awards. | ||||||||||
(d) | This adjustment was excluded because it relates to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick's EV strategy. | ||||||||||
(e) | This adjustment was excluded because it relates to the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in the three months ended | ||||||||||
The following table reconciles diluted earnings per common share under
Three Months Ended | ||||
Amount | Per Share | Amount | Per Share | |
Diluted earnings per common share | $ 2,369 | $ 1.69 | $ 1,987 | $ 1.35 |
Adjustments(a) | 974 | 0.69 | 957 | 0.65 |
Tax effect on adjustments(b) | (239) | (0.17) | (296) | (0.20) |
Tax adjustments(c) | — | — | (482) | (0.33) |
Deemed dividend adjustment(d) | — | — | 909 | 0.62 |
EPS-diluted-adjusted | $ 3,104 | $ 2.21 | $ 3,075 | $ 2.09 |
(a) | Refer to the reconciliation of Net income attributable to stockholders under | ||||||||
(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) | This adjustment consists 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 three months ended | ||||||||
(d) | This adjustment consists of a deemed dividend related to the redemption of Cruise preferred shares from SoftBank in the three months ended | ||||||||
The following table reconciles net automotive cash provided by operating activities under
Three Months Ended | ||
Net automotive cash provided by operating activities | $ 2,232 | $ 1,635 |
Less: Capital expenditures | (2,408) | (1,645) |
Add: Buick dealer strategy | 39 | — |
Add: Employee separation costs | 5 | — |
Add: GM Korea wage litigation | — | 16 |
Adjusted automotive free cash flow | $ (132) | $ 6 |
Guidance Reconciliations
The following table reconciles expected Net income attributable to stockholders under
Year Ending | |
Net income attributable to stockholders | $ 8.4-9.9 |
Income tax expense | 1.5-2.0 |
Automotive interest expense, net | 0.1 |
Adjustments(a) | 1.0 |
EBIT-adjusted | $ 11.0-13.0 |
(a) | Refer to the reconciliation of Net income attributable to stockholders under | |||||||||||
The following table reconciles expected automotive net cash provided by operating activities under
Year Ending | |
Net automotive cash provided by operating activities | $ 16.5-20.5 |
Less: Capital expenditures | 11.0-13.0 |
Adjusted automotive free cash flow(a) | $ 5.5-7.5 |
(a) | We do not consider the potential future impact of adjustments on our expected financial results. | |||||||||||||||||
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SOURCE General Motors Co.