General Motors Co. (NYSE: GM) today reported 2021 full-year earnings that include net income of $10 billion, EBIT-adjusted of $14.3 billion, net income margin of 7.9%, EBIT-adjusted margin of 11.3%, EPS-diluted of $6.70 and EPS-diluted-adjusted of $7.07. GM’s full-year net income, EBIT-adjusted, EBIT-adjusted margin and EPS measures are all records.
GM’s fourth-quarter results include net income of $1.7 billion, net income margin of 5.2%, EPS-diluted of $1.16, EPS-diluted-adjusted of $1.35, EBIT-adjusted of $2.8 billion and EBIT-adjusted margin of 8.5%.
The company expects full-year 2022 net income to be in a range of $9.4 billion-$10.8 billion and EBIT-adjusted to be in a range of $13.0 billion-$15.0 billion, assuming continued steady demand for new vehicles and no significant new economic or supply chain challenges.
- GM Chair and CEO Mary Barra’s Letter to Shareholders
- Earnings Deck Q4 and CY 2021
- 2021 Q4 and CY Consolidated Financial Highlights
Results Overview:
| Years Ended | |||||||||||
| ($M) except where noted | December 31, 2021 | December 31, 2020 | Change | ||||||||
| Revenue | $ | 127,004 | $ | 122,485 | $ | 4,519 | |||||
| Net income attributable to stockholders | $ | 10,019 | $ | 6,427 | $ | 3,592 | |||||
| EBIT-adjusted | $ | 14,295 | $ | 9,710 | $ | 4,585 | |||||
| Net income margin | 7.9 | % | 5.2 | % | 2.7 ppts | ||||||
| EBIT-adjusted margin | 11.3 | % | 7.9 | % | 3.4 ppts | ||||||
| Automotive operating cash flow | $ | 9,693 | $ | 7,519 | $ | 2,174 | |||||
| Adjusted automotive free cash flow | $ | 2,564 | $ | 2,610 | $ | (46) | |||||
|
EPS-diluted(a)
|
$ | 6.70 | $ | 4.33 | $ | 2.37 | |||||
|
EPS-diluted-adjusted(a)
|
$ | 7.07 | $ | 4.90 | $ | 2.17 | |||||
| GMNA EBIT-adjusted | $ | 10,318 | $ | 9,071 | $ | 1,247 | |||||
| GMNA EBIT-adjusted margin | 10.2 | % | 9.4 | % | 0.8 ppts | ||||||
| GMI EBIT-adjusted | $ | 827 | $ | (528) | $ | 1,355 | |||||
| China equity income | $ | 1,098 | $ | 512 | $ | 586 | |||||
| GM Financial EBT-adjusted | $ | 5,036 | $ | 2,702 | $ | 2,334 | |||||
aEPS-diluted and EPS-diluted-adjusted include a $0.30 and $0.12 impact from revaluation on equity investments in the years ended December 31, 2021 and 2020.
| Three Months Ended | |||||||||||
| ($M) except where noted | December 31, 2021 | December 31, 2020 | Change | ||||||||
| Revenue | $ | 33,584 | $ | 37,518 | $ | (3,934) | |||||
| Net income attributable to stockholders | $ | 1,741 | $ | 2,846 | $ | (1,105) | |||||
| EBIT-adjusted | $ | 2,839 | $ | 3,712 | $ | (873) | |||||
| Net income margin | 5.2 | % | 7.6 | % | (2.4) ppts | ||||||
| EBIT-adjusted margin | 8.5 | % | 9.9 | % | (1.4) ppts | ||||||
| Automotive operating cash flow | $ | 9,384 | $ | 5,243 | $ | 4,141 | |||||
| Adjusted automotive free cash flow | $ | 6,403 | $ | 3,433 | $ | 2,970 | |||||
|
EPS-diluted(a)
|
$ | 1.16 | $ | 1.93 | $ | (0.77) | |||||
|
EPS-diluted-adjusted(a)
|
$ | 1.35 | $ | 1.93 | $ | (0.58) | |||||
| GMNA EBIT-adjusted | $ | 2,165 | $ | 2,612 | $ | (447) | |||||
| GMNA EBIT-adjusted margin | 8.1 | % | 8.7 | % | (0.6) ppts | ||||||
| GMI EBIT-adjusted | $ | 275 | $ | 283 | $ | (8) | |||||
| China equity income | $ | 244 | $ | 248 | $ | (4) | |||||
| GM Financial EBT-adjusted | $ | 1,180 | $ | 1,039 | $ | 141 | |||||
aEPS-diluted and EPS-diluted-adjusted include a $0.02 and $0.26 impact from revaluation on equity investments in the three months ended December 31, 2021 and 2020.
2022 guidance
- Full-year EPS-diluted and EPS-diluted-adjusted of between $6.25 and $7.25
- Full-year net income of between $9.4 billion and $10.8 billion, and EBIT-adjusted of between $13.0 billion and $15.0 billion
SOURCE: General Motors
