GM Reports Strong First-Quarter 2021 Results

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 General Motors Co. (NYSE: GM) today reported first-quarter earnings driven by strong price and mix performance in North America, strong credit and residual value performance at GM Financial, and the industry recovery in China. The company is highly confident in its full-year 2021 guidance outlined earlier this year as it works to manage through the semiconductor shortage, which is impacting automakers globally. Based on information available today, the company expects to be at the higher-end of the EBIT-adjusted range.

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First-quarter 2021 results overview

  • Revenue of $32.5 billion
  • Net income of $3.0 billion, and EBIT-adjusted of $4.4 billion
  • Net income margin of 9.3 percent, and EBIT-adjusted margin of 13.6 percent
  • Automotive operating cash flow of $(1.1) billion, and adjusted automotive free cash flow of $(1.9) billion
  • EPS-diluted of $2.03, and EPS-diluted-adjusted of $2.25*
  • GM North America EBIT-adjusted of $3.1 billion, and EBIT-adjusted margin of 12.1 percent
  • GM International EBIT-adjusted of $0.3 billion, including China Equity Income of $0.3 billion
  • GM Financial EBT-adjusted of $1.2 billion

First-quarter 2020 results overview

  • Revenue of $32.7 billion
  • Net income of $0.3 billion, and EBIT-adjusted of $1.2 billion
  • Net income margin of 0.9 percent, and EBIT-adjusted margin of 3.8 percent
  • Automotive operating cash flow of $0.3 billion, and adjusted automotive free cash flow of $(0.9) billion
  • EPS-diluted of $0.17, and EPS-diluted-adjusted of $0.62**
  • GM North America EBIT-adjusted of $2.2 billion, and EBIT-adjusted margin of 8.5 percent
  • GM International EBIT-adjusted of $(0.6) billion, including China Equity Income of $(0.2) billion
  • GM Financial EBT-adjusted of $0.2 billion

* EPS-diluted and EPS-diluted-adjusted include a $0.08 gain from Stellantis (formerly PSA) and Lordstown Motor Corporation.
**EPS-diluted and EPS-diluted-adjusted includes a $(0.28) impact from Lyft and Stellantis revaluations.

2021 guidance

  • Full-year EPS-dilued of between $4.28 and $5.03, and EPS-diluted-adjusted of between $4.50 and $5.25
  • Full-year net income of between $6.8 billion and $7.6 billion, and EBIT-adjusted of between $10.0 billion and $11.0 billion
  • Six months ending June 30, 2021 net income of ~$3.5 billion, and EBIT-adjusted of ~$5.5 billion

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