General Motors Co. today reported second-quarter 2023 revenue of $44.7 billion, net income attributable to stockholders of $2.6 billion and EBIT-adjusted of $3.2 billion.
The results include a $792 million charge for new commercial agreements GM has with LG Electronics and LG Energy Solution. GM believes these agreements will reduce battery costs and improve margins over time, and they reflect the decision made during the Chevrolet Bolt EV and Bolt EUV recall to serve customers in ways that go beyond traditional remedies.
GM is also updating its full-year 2023 guidance for the second consecutive quarter:
- U.S. GAAP net income attributable to stockholders of $9.3 billion-$10.7 billion, compared to the previous outlook of $8.4 billion-$9.9 billion
- EBIT-adjusted of $12.0 billion-$14.0 billion, compared to the previous outlook of $11.0 billion-$13.0 billion
- U.S. GAAP net automotive cash provided by operating activities of $18.0 billion-$21.0 billion, compared to the previous outlook of $16.5 billion-$20.5 billion
- Adjusted automotive free cash flow of $7.0 billion-$9.0 billion, compared to the previous outlook of $5.5 billion-$7.5 billion
- Capital expenditures of $11 billion-$12 billion, compared to the previous outlook of $11 billion-$13 billion
SOURCE: GM
