01—Abstract
Summary
Summary of the 10-Q filed July 23, 2024. Cited figures are marked; the original filing is the authoritative source.
General Motors Co. (GM) reported a strong second quarter for 2024, with total net sales and revenue reaching $47.97 billiona, 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 billionb. 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 billionc 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.
02—Key points
Key Highlights
- Total 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.
- Net income attributable to stockholders rose to $2.93 billion for the quarter, up from $2.57 billion in the same period last year.
- Diluted earnings per share (EPS) improved to $2.55 from $1.83 in the prior year's second quarter.
- GM Financial demonstrated strong performance with revenue increasing by 12.0% to $3.92 billion for the quarter.
- The company reaffirmed its full-year 2024 outlook, projecting net income attributable to stockholders between $10.0 billion and $11.4 billion.
- Significant investments continue in the EV and AV space, although Cruise incurred restructuring charges impacting the current quarter's results.
- Automotive 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.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2024filed July 23, 2024Financial Statements
Q2 FY2024 against Q2 FY2023
| Line item | Q2 FY2024Q2 FY2023 | Change |
|---|---|---|
| Revenue | $47.97B$44.75B | +7.2% |
| Operating Expenses | $44.10B$41.96B | +5.1% |
| Operating Income | $3.87B$2.79B | +38.9% |
| Net Income | $2.88B$2.57B | +12.1% |
| EPS (Basic) | $2.57$1.83 | +40.4% |
| EPS (Diluted) | $2.55$1.83 | +39.3% |
| Shares Outstanding (Basic) | 1.14B1.39B | −18.0% |
| Shares Outstanding (Diluted) | 1.15B1.39B | −17.4% |
05—Questions
Frequently Asked Questions
What is General Motors' revenue for the second quarter of 2024?
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.
How did the Cruise segment perform in the second quarter of 2024?
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.
What is General Motors' outlook for the full year 2024?
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.
How is GM Financial performing?
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.
06—Continue