General Motors Co. today reported first-quarter 2023 revenue of $40.0 billion, net income attributable to stockholders of $2.4 billion and EBIT-adjusted of $3.8 billion.
GM is also updating its full-year 2023 earnings guidance:
- U.S. GAAP net income attributable to stockholders of $8.4 billion-$9.9 billion, compared to the previous outlook of $8.7 billion-$10.1 billion, including $0.9 billion of charges related to the voluntary separation program
- EBIT-adjusted of $11.0 billion-$13.0 billion, compared to the previous outlook of $10.5 billion-$12.5 billion
- U.S. GAAP net automotive cash provided by operating activities of $16.5 billion-$20.5 billion, compared to the previous outlook of $16.0 billion-$20.0 billion
- Adjusted automotive free cash flow of $5.5 billion-$7.5 billion, compared to the previous outlook of $5.0 billion-$7.0 billion
Results Overview
| Three Months Ended | |||||||||||
| ($M) except where noted | March 31, 2023 | March 31, 2022 | Change | % Change | |||||||
| Revenue | $ | 39,985 | $ | 35,979 | $ | 4,006 | 11.1 | % | |||
| Net income attributable to stockholders | $ | 2,395 | $ | 2,939 | $ | (544) | (18.5) | % | |||
| EBIT-adjusted | $ | 3,803 | $ | 4,044 | $ | (241) | (6.0) | % | |||
| Net income margin | 6.0 | % | 8.2 | % | (2.2) ppts | (26.8) | % | ||||
| EBIT-adjusted margin | 9.5 | % | 11.2 | % | (1.7) ppts | (15.2) | % | ||||
| Automotive operating cash flow | $ | 2,232 | $ | 1,635 | $ | 597 | 36.5 | % | |||
| Adjusted automotive free cash flow | $ | (132) | $ | 6 | $ | (138) | n.m. | ||||
| EPS-diluted(a) | $ | 1.69 | $ | 1.35 | $ | 0.34 | 25.2 | % | |||
| EPS-diluted-adjusted(a) | $ | 2.21 | $ | 2.09 | $ | 0.12 | 5.7 | % | |||
| GMNA EBIT-adjusted | $ | 3,576 | $ | 3,141 | $ | 435 | 13.8 | % | |||
| GMNA EBIT-adjusted margin | 10.9 | % | 10.7 | % | 0.2 ppts | 1.9 | % | ||||
| GMI EBIT-adjusted | $ | 347 | $ | 328 | $ | 19 | 5.8 | % | |||
| China equity income | $ | 83 | $ | 234 | $ | (151) | (64.5) | % | |||
| GM Financial EBT-adjusted | $ | 771 | $ | 1,284 | $ | (513) | (40.0) | % | |||
(a)EPS-diluted and EPS-diluted-adjusted include a $0.03 and $(0.11) impact from revaluation on equity investments in the three months ended March 31, 2023 and March 31, 2022.
(b)n.m. = not meaningful
SOURCE: General Motors
