General Motors Co Quarterly Report for Q3 Ended Sep 30, 2017

Summary

General Motors Co. (GM) reported a net loss of $2,981 million, or $2.03 per diluted share, for the third quarter of 2017. This significant loss was primarily driven by a substantial charge related to the sale of its European operations (Opel/Vauxhall Business) to PSA Group, amounting to $5.4 billion pre-tax. Excluding this and other special items, adjusted diluted earnings per share were $1.32. Total net sales and revenue for the quarter were $33.6 billion, a decrease of 13.5% compared to the prior year, largely impacted by lower automotive sales volumes. Despite the quarterly loss, the company's financial performance for the nine months ended September 30, 2017, showed a net income of $1,298 million. GM Financial continued to demonstrate strong growth, with revenue increasing by 38.4% year-over-year, contributing positively to the overall financial picture. The company also continued its share repurchase program, underscoring a commitment to returning capital to shareholders.

Key Highlights

• 1Net loss of $2,981 million ($2.03/share) for Q3 2017, significantly impacted by a $5.4 billion charge related to the sale of European operations.
• 2Total net sales and revenue decreased by 13.5% to $33.6 billion in Q3 2017, mainly due to lower automotive sales volumes.
• 3Adjusted diluted earnings per share were $1.32 for Q3 2017, excluding special items.
• 4GM Financial showed robust growth with revenue up 38.4% for the nine months ended September 30, 2017.
• 5Nine-month net income was $1,298 million, a substantial decrease from $7,493 million in the prior year, largely due to the European divestiture.
• 6The company repurchased approximately $3.0 billion of its common stock during the nine months ended September 30, 2017.
• 7Total automotive available liquidity decreased to $31.4 billion as of September 30, 2017, from $35.8 billion at the end of 2016.

Frequently Asked Questions