General Motors Co. (NYSE: GM) today reported strong second-quarter earnings while continuing to accelerate its EV and AV growth initiatives. The company successfully prioritized production of its highest demand vehicles, gained significant retail market share in the full-size pickup segment in the United States and benefited from strong pricing and mix. Additionally, high used vehicle prices due to low new vehicle inventories drove continued record results at GM Financial. Given the company’s first-half performance and its expectations for the rest of the year, GM is raising its full-year guidance.
Second-quarter 2021 results overview
Revenue of $34.2 billion
Net income of $2.8 billion, and EBIT-adjusted of $4.1 billion, including warranty recall costs of $(1.3) billion, of which $(0.8) billion was related to the Chevrolet Bolt EV
Net income margin of 8.3 percent, and EBIT-adjusted margin of 12.0 percent
Automotive operating cash flow of $4.0 billion and adjusted automotive free cash flow of $2.5 billion
EPS-diluted of $1.90, and EPS-diluted-adjusted of $1.97*
GM North America EBIT-adjusted of $2.9 billion, and EBIT-adjusted margin of 10.4 percent
GM International EBIT-adjusted of $0.0 billion, including China Equity Income of $0.3 billion
GM Financial EBT-adjusted of $1.6 billion
Second-quarter 2020 results overview
Revenue of $16.8 billion
Net income (loss) of $(0.8) billion, and EBIT (loss)-adjusted of $(0.5) billion
Net income (loss) margin of (4.5) percent, and EBIT (loss)-adjusted margin of (3.2) percent
Automotive operating cash flow of $(8.0) billion, and adjusted automotive free cash flow of $(9.0) billion
EPS-diluted of $(0.56), and EPS-diluted-adjusted of $(0.50)**
GM North America EBIT (loss)-adjusted of $(0.1) billion, and EBIT (loss)-adjusted margin of
GM International EBIT (loss)-adjusted of $(0.3) billion, including China Equity Income of $0.2 billion
GM Financial EBT-adjusted of $0.2 billion
Full-year EPS-diluted of between $5.12 and $6.12, and EPS-diluted-adjusted of between $5.40 and $6.40
Full-year net income of between $7.7 billion and $9.2 billion, and EBIT-adjusted of between $11.5 billion and $13.5 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
Mary 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
Name of call: GM Earnings Call
*EPS-diluted and EPS-diluted-adjusted include a $0.12 impact from mark-to-market gains on equity method investments.
**EPS-diluted and EPS-diluted-adjusted includes a $0.08 impact from mark-to-market gains on equity method investments.
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 le