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GM profit shrinks despite stronger sales
Fox Business· 2025-07-22 13:04
Group 1: Financial Performance - General Motors' net income decreased by 35% in the second quarter, amounting to $1.8 billion, down from $2.9 billion in the same period last year [1][4] - Despite the profit decline, GM's revenue and adjusted operating income surpassed Wall Street estimates, and the company maintained its profit guidance for 2025 [1][2] - Tariffs imposed by the Trump administration impacted GM's operating income by $1.1 billion in the second quarter [4] Group 2: Tariff Impact and Mitigation - The company projected that tariffs would add costs between $4 billion to $5 billion, which represents about one-third of its pretax profit from the previous year [5] - GM has implemented few tariff mitigation efforts, such as increasing production at U.S. factories, and aims to offset 30% of the tariff costs through adjustments in its manufacturing footprint [4][5] - GM has not widely increased vehicle prices in response to tariffs but has not ruled out future price hikes to remain competitive [6] Group 3: Sales Performance - GM achieved an industry-leading sales gain of 12% in the first half of the year, while the overall industry sales increased by 7% during the same period [6] - The company imports approximately half of the vehicles it sells in the U.S., including entry-level models from South Korea and full-size trucks from Mexico and Canada [9] Group 4: Strategic Adjustments - GM is shifting a small portion of its production back to the U.S., including relocating the gas-powered Chevrolet Blazer SUV production from Mexico to Tennessee [10] - CEO Mary Barra emphasized the company's focus on strengthening U.S. manufacturing to reduce tariff costs [10]
通用汽车(GM.N)CEO:公司缓解关税影响的措施需要时间见效。
news flash· 2025-07-22 12:52
通用汽车(GM.N)CEO:公司缓解关税影响的措施需要时间见效。 ...
通用汽车(GM.N)CFO:预计2025年能抵消至少30%的关税影响。预计今年关税带来的影响至高达50亿美元。
news flash· 2025-07-22 12:52
通用汽车(GM.N)CFO:预计2025年能抵消至少30%的关税影响。预计今年关税带来的影响至高达50亿 美元。 ...
General Motors (GM) Q2 Earnings and Revenues Surpass Estimates
ZACKS· 2025-07-22 12:45
Core Viewpoint - General Motors (GM) reported quarterly earnings of $2.53 per share, exceeding the Zacks Consensus Estimate of $2.39 per share, but down from $3.06 per share a year ago, indicating a mixed performance in earnings [1][2] Financial Performance - GM's revenues for the quarter ended June 2025 were $47.12 billion, surpassing the Zacks Consensus Estimate by 1.89%, but down from $47.97 billion year-over-year [2] - The company has consistently surpassed consensus EPS estimates over the last four quarters [2] Stock Performance - GM shares have decreased by approximately 0.1% since the beginning of the year, contrasting with the S&P 500's gain of 7.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.30 on revenues of $44.42 billion, and for the current fiscal year, it is $9.31 on revenues of $178.44 billion [7] - The trend of estimate revisions for GM was mixed prior to the earnings release, which may influence future stock performance [6] Industry Context - The Automotive - Domestic industry, to which GM belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, suggesting potential challenges ahead [8]
GM(GM) - 2025 Q2 - Earnings Call Presentation
2025-07-22 12:30
Financial Performance - GM's Q2 2025 EBIT-adjusted was $30 billion[9, 47], with an EBIT-adjusted margin of 64%[47] - Adjusted automotive free cash flow was $28 billion[9, 47] - EPS-diluted-adjusted was $253[9, 47] - The company completed a $2 billion accelerated share repurchase program, retiring approximately 10 million shares during the quarter and approximately 43 million in total over the program[10] Sales and Market Share - GM's Q2 2025 U S market share increased by 07 percentage points year-over-year to 174%[9] - GM's overall sales were up 20% year-over-year in China, with NEV sales up 50%[10] - Q2 deliveries were 747k and H1 deliveries were 1440k[18] Electric Vehicles - GM maintained the 2 spot in EV sales in the U S with higher year-over-year sales and market share[9] - Chevrolet is now the 2 selling U S EV brand, and Cadillac is the 1 selling Luxury EV brand in the U S[9] - Q2 EV sales were up 111% year-over-year, representing 16% of the U S EV market[19] Investments and Capital Allocation - GM announced nearly $5 billion of investment in key U S manufacturing facilities[9] - The company is investing ~$900 million towards next-gen V8 engine production in Tonawanda, NY[24] - CY25 capital spend is projected to be $10–11 billion, including newly announced investments, with CY26-27 spend expected in the $10–12 billion range[9] Guidance and Tariffs - The company reaffirmed its 2025 guidance for EBIT-adjusted of $100–125 billion, EPS-diluted-adjusted of $825–1000, and adjusted automotive free cash flow of $75–100 billion[33, 34, 35] - The calendar year 2025 gross tariff impact is unchanged at $4–5 billion, with the company aiming to mitigate at least 30% of this impact[42]
美股前瞻 | 三大股指期货涨跌不一 重压之下鲍威尔即将发表讲话
智通财经网· 2025-07-22 12:04
Market Movements - US stock index futures showed mixed results with Dow futures down 0.10%, S&P 500 futures up 0.04%, and Nasdaq futures down 0.05% [1] - European indices also declined, with Germany's DAX down 0.94%, UK's FTSE 100 unchanged, France's CAC40 down 0.67%, and Europe's Stoxx 50 down 0.74% [2][3] - WTI crude oil fell by 0.99% to $65.30 per barrel, while Brent crude oil decreased by 0.95% to $68.55 per barrel [3][4] Market News - Federal Reserve Chair Jerome Powell is under political pressure ahead of his speech at a regulatory meeting, which will focus on Basel III, stress tests, and capital requirements for large banks [4] - Jefferies raised its S&P 500 year-end target to 5600 points, emphasizing the need to monitor core CPI and favoring defensive sectors amid high valuations [5] - Morgan Stanley warned of a historical peak in the demand for high-beta stocks, indicating increased short-term market risks due to a lack of fundamental support [6] - Wells Fargo remains bullish on the S&P 500, predicting double-digit growth driven by major tech companies, despite concerns over high valuations [7][8] Company-Specific News - General Motors reported a 35% decline in Q2 net profit, impacted by $1.1 billion in tariffs, with revenue of $47.1 billion, slightly below expectations [10] - Coca-Cola's Q2 revenue grew by 1% to $12.54 billion, with earnings per share of $0.87, exceeding analyst expectations [11] - NXP Semiconductors' Q3 outlook fell short of expectations, projecting revenue between $3.05 billion and $3.25 billion, reflecting ongoing industry challenges [12] - JPMorgan Chase is exploring the possibility of issuing loans backed by clients' cryptocurrency holdings, indicating a shift in stance towards crypto assets [13] Economic Data and Events - Powell's speech at a regulatory meeting is scheduled for 20:30 Beijing time, with additional discussions on large bank capital frameworks to follow [14]
GM(GM) - 2025 Q2 - Quarterly Results
2025-07-22 11:32
[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) This section provides a comprehensive overview of General Motors' financial results for Q2 and H1 2025, alongside its reaffirmed full-year 2025 guidance [Q2 & H1 2025 Financial Highlights](index=1&type=section&id=Results%20Overview) In the second quarter of 2025, General Motors reported a 1.8% year-over-year decline in revenue to $47.1 billion and a 35.4% decrease in net income attributable to stockholders to $1.9 billion. For the first half of 2025, revenue remained relatively flat with a 0.2% increase, but net income fell by 20.9% compared to the same period in 2024. The company's full-year financial guidance remains unchanged Q2 2025 vs Q2 2024 Financial Highlights | Metric | Q2 2025 | Q2 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $47,122 M | $47,969 M | $(847) M | (1.8)% | | Net income attributable to stockholders | $1,895 M | $2,933 M | $(1,038) M | (35.4)% | | EBIT-adjusted | $3,037 M | $4,438 M | $(1,401) M | (31.6)% | | EPS-diluted | $1.91 | $2.55 | $(0.64) | (25.1)% | | EPS-diluted-adjusted | $2.53 | $3.06 | $(0.53) | (17.3)% | | Adjusted automotive free cash flow | $2,827 M | $5,297 M | $(2,470) M | (46.6)% | H1 2025 vs H1 2024 Financial Highlights | Metric | H1 2025 | H1 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $91,141 M | $90,983 M | $158 M | 0.2% | | Net income attributable to stockholders | $4,680 M | $5,913 M | $(1,233) M | (20.9)% | | EBIT-adjusted | $6,527 M | $8,310 M | $(1,783) M | (21.5)% | | EPS-diluted | $5.28 | $5.10 | $0.18 | 3.5% | | EPS-diluted-adjusted | $5.31 | $5.68 | $(0.37) | (6.5)% | | Adjusted automotive free cash flow | $3,639 M | $6,388 M | $(2,749) M | (43.0)% | - GM North America (GMNA) EBIT-adjusted saw a significant decline of **45.5%** in Q2 2025, falling to **$2.4 billion** from **$4.4 billion** in Q2 2024[4](index=4&type=chunk) - China equity income showed a strong recovery, turning to a profit of **$71 million** in Q2 2025 from a loss of **$104 million** in Q2 2024[4](index=4&type=chunk) [Full-Year 2025 Guidance](index=4&type=section&id=Guidance%20Reconciliations) GM has reaffirmed its full-year 2025 financial guidance. The company expects Net Income to be between $7.7 billion and $9.5 billion, EBIT-adjusted between $10.0 billion and $12.5 billion, and EPS-diluted-adjusted in the range of $8.25 to $10.00. Adjusted automotive free cash flow is projected to be between $7.5 billion and $10.0 billion - The company's full-year financial guidance for 2025 remains unchanged[1](index=1&type=chunk) Full-Year 2025 Guidance Metrics | Guidance Metric | Expected Range for FY 2025 | | :--- | :--- | | Net income attributable to stockholders | $7.7 B - $9.5 B | | EBIT-adjusted | $10.0 B - $12.5 B | | EPS-diluted-adjusted | $8.25 - $10.00 | | Adjusted automotive free cash flow | $7.5 B - $10.0 B | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's detailed consolidated income statement, balance sheet, and cash flow statement, highlighting key financial positions and operational flows [Income Statement](index=5&type=section&id=Combining%20Income%20Statement%20Information) For the six months ended June 30, 2025, total net sales and revenue increased slightly to $91.1 billion from $91.0 billion year-over-year. However, operating income saw a significant decrease to $5.5 billion from $7.6 billion in the prior year, driven by higher costs of sales and operating expenses. Net income attributable to stockholders fell to $4.7 billion from $5.9 billion Income Statement Highlights (Six Months Ended) | Income Statement (Six Months Ended) | June 30, 2025 ($M) | June 30, 2024 ($M) | | :--- | :--- | :--- | | Total net sales and revenue | 91,141 | 90,983 | | Total costs and expenses | 85,662 | 83,372 | | Operating income (loss) | 5,479 | 7,611 | | Net income attributable to stockholders | 4,680 | 5,913 | - The Automotive segment's operating income for H1 2025 was **$4.4 billion**, a notable decrease from **$7.8 billion** in H1 2024[15](index=15&type=chunk) - The Cruise segment recorded an operating loss of **$273 million** in H1 2025, a significant improvement from the **$1.65 billion** loss in H1 2024[15](index=15&type=chunk) [Earnings Per Share (EPS)](index=7&type=section&id=Basic%20and%20Diluted%20Earnings%20per%20Share) For the six months ended June 30, 2025, diluted EPS increased to $5.28 from $5.10 year-over-year. This was influenced by a $593 million positive adjustment from the redemption of Cruise preferred shares. The weighted-average diluted common shares outstanding decreased to 989 million from 1,155 million, which also contributed to the higher EPS Earnings Per Share (Six Months Ended) | Earnings Per Share (Six Months Ended) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Basic EPS | $5.35 | $5.14 | | Diluted EPS | $5.28 | $5.10 | | Weighted-average common shares outstanding – diluted (M) | 976 | 1,147 | - The H1 2025 EPS calculation includes a **$593 million** return from preferred shareholders related to the redemption of Cruise preferred shares, which positively impacted net income attributable to common stockholders[16](index=16&type=chunk) [Balance Sheet](index=8&type=section&id=Combining%20Balance%20Sheet%20Information) As of June 30, 2025, GM's total assets stood at $289.4 billion, an increase from $279.8 billion at year-end 2024. Total liabilities also grew to $220.9 billion from $214.2 billion. Total stockholders' equity increased to $66.4 billion, primarily due to a rise in retained earnings Balance Sheet Highlights | Balance Sheet Highlights ($M) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | 114,285 | 108,545 | | Total Assets | 289,384 | 279,761 | | Total Current Liabilities | 93,812 | 96,265 | | Total Liabilities | 220,925 | 214,171 | | Total Stockholders' Equity | 66,363 | 63,072 | [Cash Flow Statement](index=11&type=section&id=Combining%20Cash%20Flow%20Information_1) For the first six months of 2025, net cash from operating activities was $13.0 billion, a significant increase from $9.1 billion in the prior year period. Net cash used in investing activities was $11.2 billion, while financing activities provided a net cash inflow of $0.7 billion. The company's cash and cash equivalents at the end of the period stood at $25.8 billion Cash Flow Highlights (Six Months Ended) | Cash Flow (Six Months Ended, $M) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | 12,969 | 9,128 | | Net cash used in investing activities | (11,158) | (8,987) | | Net cash provided by financing activities | 699 | 3,793 | | Net increase in cash | 2,836 | 3,702 | - Automotive operating cash flow for H1 2025 was **$7.1 billion**, down from **$11.3 billion** in H1 2024[23](index=23&type=chunk) - The company spent **$2.0 billion** to purchase common stock in H1 2025, compared to **$1.3 billion** in H1 2024[24](index=24&type=chunk) [Segment Performance and Operational Metrics](index=13&type=section&id=Segment%20Performance%20and%20Operational%20Metrics) This section details the financial performance of GM's key operating segments and provides insights into vehicle sales volumes, market share, and production efficiency [Key Financials by Segment](index=13&type=section&id=key%20financial%20information%20by%20segment) In Q2 2025, GM North America (GMNA) generated $39.5 billion in revenue, a decrease from $40.7 billion YoY. GM International (GMI) revenue was stable at $3.3 billion. A key highlight was the turnaround in Automotive China JVs' equity income, which was a profit of $71 million compared to a loss of $104 million in Q2 2024 Net Sales and Revenue by Segment | Net Sales and Revenue ($M) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GMNA | 39,486 | 40,725 | | GMI | 3,326 | 3,298 | | Cruise | — | 25 | | GM Financial | 4,255 | 3,918 | - Equity income from Automotive China JVs was **$71 million** in Q2 2025, a significant improvement from a loss of **$104 million** in Q2 2024[28](index=28&type=chunk) - Equity earnings from the Ultium Cells Holdings LLC joint venture were **$11 million** in Q2 2025, down substantially from **$324 million** in Q2 2024[29](index=29&type=chunk) [Vehicle Sales Volume](index=18&type=section&id=Vehicle%20Sales) GM's global wholesale vehicle sales declined in Q2 2025 to 974,000 units from 1,043,000 units in Q2 2024. The decrease was seen in both the GMNA and GMI segments. For the first half of the year, total wholesale volume was 1.885 million units, down from 1.938 million in the prior year Wholesale Vehicle Sales | Wholesale Vehicle Sales (in thousands) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | GMNA | 849 | 903 | 1,676 | 1,695 | | GMI | 125 | 140 | 209 | 243 | | Total | 974 | 1,043 | 1,885 | 1,938 | [Market Share and Fleet Sales](index=19&type=section&id=Market%20Share%20and%20Fleet%20Sales) In Q2 2025, GM's total worldwide market share improved to 6.8% from 6.6% YoY. The company saw market share gains in key regions, with U.S. share rising to 17.4% and China share increasing to 6.8%. Total fleet sales constituted 17.8% of total vehicle sales, a slight decrease from 19.3% in Q2 2024, while North American production capacity utilization increased to 117.6% Market Share | Market Share | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | United States | 17.4% | 16.7% | | China | 6.8% | 6.3% | | Total Worldwide | 6.8% | 6.6% | - Total fleet sales were **274,000 units** in Q2 2025, representing **17.8%** of total vehicle sales, down from **19.3%** in Q2 2024[54](index=54&type=chunk) - North America two-shift capacity utilization increased to **117.6%** in Q2 2025 from **108.1%** in Q2 2024, indicating strong production levels[54](index=54&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=14&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section provides reconciliations of non-GAAP financial measures, including EBIT-adjusted, EPS-diluted-adjusted, and adjusted automotive free cash flow, to their most comparable GAAP measures [Reconciliation of Net Income to EBIT-adjusted](index=15&type=section&id=Reconciliation%20of%20Net%20income%20attributable%20to%20stockholders%20to%20EBIT-adjusted) GM's Q2 2025 EBIT-adjusted was $3.0 billion, reconciled from a net income of $1.9 billion. Significant adjustments included adding back $481 million in income tax expense and $663 million in special charges. These charges were primarily related to Ultium strategic realignment ($330M), China restructuring ($140M), and Cruise restructuring ($65M) Reconciliation to EBIT-adjusted | Reconciliation to EBIT-adjusted ($M) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net income attributable to stockholders | 1,895 | 2,933 | | Add: Income tax expense | 481 | 767 | | Add: Total adjustments | 663 | 761 | | **EBIT-adjusted** | **3,037** | **4,438** | - Key adjustments in Q2 2025 impacting EBIT-adjusted include: - **Ultium strategic realignment:** **$330 million**[39](index=39&type=chunk)[40](index=40&type=chunk) - **China restructuring actions:** **$140 million**[39](index=39&type=chunk)[40](index=40&type=chunk) - **Cruise restructuring:** **$65 million**[39](index=39&type=chunk)[40](index=40&type=chunk) [Reconciliation of EPS to EPS-diluted-adjusted](index=16&type=section&id=Reconciliation%20of%20diluted%20earnings%20per%20common%20share%20to%20EPS-diluted-adjusted) Q2 2025 EPS-diluted-adjusted was $2.53, compared to a GAAP diluted EPS of $1.91. The $0.62 per share difference is primarily due to adding back $0.68 per share for restructuring and other adjustments, partially offset by a $0.07 per share tax effect on these adjustments Reconciliation to EPS-diluted-adjusted | Reconciliation to EPS-diluted-adjusted | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Diluted earnings per common share | $1.91 | $2.55 | | Adjustments (per share) | $0.68 | $0.66 | | Tax effect on adjustments (per share) | ($0.07) | ($0.15) | | **EPS-diluted-adjusted** | **$2.53** | **$3.06** | [Reconciliation of Automotive Operating Cash Flow to Adjusted Automotive Free Cash Flow](index=17&type=section&id=Reconciliation%20of%20Net%20automotive%20cash%20provided%20by%20operating%20activities%20to%20adjusted%20automotive%20free%20cash%20flow) Adjusted automotive free cash flow for Q2 2025 was $2.8 billion, a significant decrease from $5.3 billion in Q2 2024. This was calculated from $4.7 billion in net automotive operating cash flow, less $2.1 billion in capital expenditures, and adjusted for items such as the Buick dealer strategy and restructuring actions Adjusted Automotive Free Cash Flow | Adjusted Automotive FCF ($M) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net automotive cash provided by operating activities | 4,653 | 7,713 | | Less: Capital expenditures | (2,131) | (2,539) | | Add/Less: Adjustments | 318 | 123 | | **Adjusted automotive free cash flow** | **2,827** | **5,297** | [Return on Equity (ROE) and Return on Invested Capital (ROIC)-adjusted](index=16&type=section&id=ROE%20and%20ROIC-adjusted) For the trailing four quarters ending June 30, 2025, GM's Return on Equity (ROE) was 7.1%, a sharp decline from 15.7% in the prior-year period, reflecting lower net income. In contrast, Return on Invested Capital (ROIC)-adjusted improved slightly to 19.0% from 18.5%, indicating efficient capital allocation despite lower earnings Return Metrics (Trailing Four Quarters) | Return Metric (Trailing Four Quarters) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | ROE | 7.1% | 15.7% | | ROIC-adjusted | 19.0% | 18.5% |
GM’s Profit Declines as Trump Tariffs Add to Costs
Bloomberg Television· 2025-07-22 11:22
Have we just put a price, the price of tariffs coming from the White House. Yeah. This was a company that I think took a lot of people off guard when they announced earlier this year as much as a $5 billion hit to their bottom line as a result of of tariffs.And it sort of you know, your initial reaction to that is, wait a second, this is an American company that builds a lot of cars in America. That is true. And yet they also build a lot of vehicles in Canada, in Mexico, in South Korea, which a lot of peopl ...
GM beats earnings estimates as CEO says automaker works to ‘greatly reduce’ tariff exposure
CNBC Television· 2025-07-22 11:09
General Motors out with second quarter results and Philau joins us with those numbers right now. Good morning, Phil. Good morning, Becky.Let's take a look at shares of General Motors under a little bit of pressure after posting a Q2 uh earnings that beat the street. Also, revenue better than expected, but that's really not the main thing that the uh investor community is focused on. It's really what's the impact of tariffs on margins.We'll talk about that in a bit. Earning 253 a share versus the street at 2 ...
7月22日电,通用汽车表示,第二季度,通用汽车在中国市场销量同比增速达20% ,创下四年以来最大单季同比涨幅。包括纯电动(BEV)、插电混动(PHEV)和增程式电动 (EREV)产品在内的新能源车型取得了50%同比增长。
news flash· 2025-07-22 10:45
智通财经7月22日电,通用汽车表示,第二季度,通用汽车在中国市场销量同比增速达20% ,创下四年 以来最大单季同比涨幅。包括纯电动(BEV)、插电混动(PHEV)和增程式电动 (EREV)产品在内 的新能源车型取得了50%同比增长。 ...