GM Releases 2023 Fourth-Quarter and Full-Year Results, and 2024 Guidance
PR Newswire
DETROIT, Jan. 30, 2024
DETROIT, Jan. 30, 2024 /PRNewswire/ — General Motors Co. (NYSE: GM) today reported fourth-quarter 2023 revenue of $43.0 billion, net income attributable to stockholders of $2.1 billion and EBIT-adjusted of $1.8 billion.
GM reported full-year 2023 revenue of $171.8 billion, net income attributable to stockholders of $10.1 billion and EBIT-adjusted of $12.4 billion.
The chart below summarizes GM’s 2023 financial guidance and 2023 results, as well as the company’s 2024 guidance, which is for a year of strong financial performance.
Final 2023 Guidance 2023 Results 2024 Guidance
------------------- ------------- -------------------
Net income $9.1 billion - $9.7 $10.1 billion $9.8 billion -
attributable to billion $11.2 billion
stockholders
EBIT-adjusted $11.7 billion - $12.4 billion $12.0 billion -
$12.7 billion $14.0 billion
Automotive operating $19.5 billion - $20.8 billion $18.0 billion -
cash flow $21.0 billion $21.0 billion
Adjusted automotive $10.5 billion - $11.7 billion $8.0 billion -
free cash flow $11.5 billion $10.0 billion
EPS-diluted* $6.52 - $7.02 $7.32 $8.50 - $9.50
EPS-diluted-adjusted* $7.20 - $7.70 $7.68 $8.50 - $9.50
*2024 guidance includes an estimated $1.45 per share impact from the company's
accelerated share repurchase program (initiated in November 2023) based on
current share price and offset by $0.50 from a higher tax rate and lower
interest income. It assumes a full-year weighted-average diluted share count
slightly below 1.15 billion shares.
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
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Three Months Ended
--------------------------
$M except per share December 31, December 31,
amounts 2023 2022 Change % Change
------------ ------------ ------------- --------
Revenue $ 42,980 $ 43,108 $ (128) (0.3) %
Net income attributable
to stockholders $ 2,102 $ 1,999 $ 103 5.2 %
EBIT-adjusted $ 1,757 $ 3,799 $ (2,042) (53.8) %
Net income margin 4.9 % 4.6 % 0.3 ppts 6.5 %
EBIT-adjusted margin 4.1 % 8.8 % (4.7) ppts (53.4) %
Automotive operating cash
flow $ 4,688 $ 7,488 $ (2,800) (37.4) %
Adjusted automotive free
cash flow $ 1,341 $ 4,460 $ (3,119) (69.9) %
EPS-diluted(a) $ 1.59 $ 1.39 $ 0.20 14.4 %
EPS-diluted-adjusted(a) $ 1.24 $ 2.12 $ (0.88) (41.5) %
GMNA EBIT-adjusted $ 2,011 $ 3,654 $ (1,643) (45.0) %
GMNA EBIT-adjusted margin 5.7 % 10.3 % (4.6) ppts (44.7) %
GMI EBIT-adjusted $ 269 $ 272 $ (3) (1.1) %
China equity income $ 93 $ 201 $ (108) (53.7) %
GM Financial EBT-adjusted $ 707 $ 775 $ (68) (8.8) %
__________
(a) EPS-diluted and EPS-diluted-adjusted include a $(0.05) impact from
revaluation on equity investments in the three months ended December 31,
2023.
Years Ended
--------------------------
$M except per share December 31, December 31,
amounts 2023 2022 Change % Change
------------ ------------ -------------- --------
Revenue $ 171,842 $ 156,735 $ 15,107 9.6 %
Net income attributable
to stockholders $ 10,127 $ 9,934 $ 193 1.9 %
EBIT-adjusted $ 12,357 $ 14,474 $ (2,117) (14.6) %
Net income margin 5.9 % 6.3 % (0.4) ppts (6.3) %
EBIT-adjusted margin 7.2 % 9.2 % (2.0) ppts (21.7) %
Automotive operating
cash flow $ 20,828 $ 19,094 $ 1,734 9.1 %
Adjusted automotive free
cash flow $ 11,666 $ 10,466 $ 1,200 11.5 %
EPS-diluted(a) $ 7.32 $ 6.13 $ 1.19 19.4 %
EPS-diluted-adjusted(a) $ 7.68 $ 7.59 $ 0.09 1.2 %
GMNA EBIT-adjusted $ 12,306 $ 12,988 $ (682) (5.3) %
GMNA EBIT-adjusted
margin 8.7 % 10.1 % (1.4) ppts (13.9) %
GMI EBIT-adjusted $ 1,210 $ 1,143 $ 67 5.9 %
China equity income $ 446 $ 677 $ (231) (34.1) %
GM Financial
EBT-adjusted $ 2,985 $ 4,076 $ (1,091) (26.8) %
__________
(a) EPS-diluted and EPS-diluted-adjusted include a $(0.10) and $(0.13) impact
from revaluation on equity investments in the years ended December 31,
2023 and 2022.
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
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.
2023 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, 2023
------------------
Net income attributable to stockholders $ 9.1-9.7
Income tax expense 1.4-1.8
Automotive interest income, net (0.1)
Adjustments(a) 1.3
------------------
EBIT-adjusted $ 11.7-12.7
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, 2023
------------------
Net automotive cash provided by operating activities $ 19.5-21.0
Less: Capital expenditures 10.3-10.8
Adjustments(a) 1.3
------------------
Adjusted automotive free cash flow $ 10.5-11.5