10-QPeriod: Q2 FY2024

General Motors Co Quarterly Report for Q2 Ended Jun 30, 2024

Filed July 23, 2024For Securities:GM

Summary

General Motors Co. (GM) reported a strong second quarter for 2024, with total net sales and revenue reaching $47.97 billion, a significant increase from $44.75 billion in the prior year period. This growth was primarily driven by the Automotive segment, which saw net sales rise to $44.06 billion. Net income attributable to stockholders also saw a healthy increase, reaching $2.93 billion, up from $2.57 billion year-over-year, leading to diluted earnings per share of $2.55 compared to $1.83 in Q2 2023. The company's financial health remains robust, supported by strong operating income and a solid cash position. GM Financial continues to be a significant contributor to overall revenue and profitability. While the company navigates industry pressures such as pricing moderation and inflationary impacts, it maintains a positive outlook for the full year, expecting net income attributable to stockholders between $10.0 billion and $11.4 billion. Significant investments continue in electric vehicles (EVs) and autonomous vehicle (AV) technology, though the Cruise segment faced restructuring charges impacting short-term results.

Financial Highlights

44 data points
Beta

Revenue

$47.97B

Net Income

$2.88B

6.0% Net Margin

EPS (Diluted)

$2.55

Total Assets

$282.96B

Cash & Equivalents

$22.52B

Free Cash Flow

$3.41B

Financial Statements
Beta
Revenue$47.97B
Operating Expenses$44.10B
Operating Income$3.87B
Net Income$2.88B
EPS (Basic)$2.57
EPS (Diluted)$2.55
Shares Outstanding (Basic)1.14B
Shares Outstanding (Diluted)1.15B

Key Highlights

  • 1Total net sales and revenue increased by 7.2% to $47.97 billion for the three months ended June 30, 2024, compared to $44.75 billion in the prior year.
  • 2Net income attributable to stockholders rose to $2.93 billion for the quarter, up from $2.57 billion in the same period last year.
  • 3Diluted earnings per share (EPS) improved to $2.55 from $1.83 in the prior year's second quarter.
  • 4GM Financial demonstrated strong performance with revenue increasing by 12.0% to $3.92 billion for the quarter.
  • 5The company reaffirmed its full-year 2024 outlook, projecting net income attributable to stockholders between $10.0 billion and $11.4 billion.
  • 6Significant investments continue in the EV and AV space, although Cruise incurred restructuring charges impacting the current quarter's results.
  • 7Automotive and other cost of sales increased by 5.4% to $38.62 billion, primarily due to volume and mix impacts, partially offset by cost efficiencies.

Frequently Asked Questions

General Motors reported total net sales and revenue of $47.97 billion for the three months ended June 30, 2024, an increase from $44.75 billion in the same period of 2023.

The Cruise segment reported net sales of $25 million for the three months ended June 30, 2024, a slight decrease from $26 million in the prior year. However, the segment recorded an adjusted loss before interest and taxes (EBIT-adjusted) of $458 million, which improved from a loss of $611 million in Q2 2023, partly due to restructuring actions and a refocused operating strategy. The company also indefinitely delayed development of the Cruise Origin, resulting in significant restructuring charges.

General Motors expects full-year 2024 net income attributable to stockholders to be between $10.0 billion and $11.4 billion. They also project adjusted EBIT to be between $13.0 billion and $15.0 billion and adjusted diluted EPS between $9.50 and $10.50.

GM Financial continues to be a strong performer, with total revenue increasing by 12.0% to $3.92 billion for the three months ended June 30, 2024, compared to $3.50 billion in the prior year. This growth was driven by increased finance charge income due to higher average interest rates and portfolio growth, as well as increased investment income.