GM(US:GM)2025-01-28 12:24Financial Performance - General Motors reported a full-year 2024 net income attributable to shareholders of $6.0 billion, down 40.7% from $10.1 billion in 2023[7]. - Fourth-quarter 2024 net income attributable to shareholders was a loss of $3.0 billion, impacted by over $5 billion in special charges, including $4 billion in non-cash restructuring charges[2]. - For 2025, GM's guidance for net income attributable to stockholders is projected between $11.2 billion and $12.5 billion, reflecting a recovery from 2024[3]. - The EBIT-adjusted for 2024 was reported at $14.9 billion, with a guidance range for 2025 set between $13.7 billion and $15.7 billion[3]. - Automotive operating cash flow for 2024 was $23.9 billion, with a forecast for 2025 between $21.0 billion and $24.0 billion[3]. - Adjusted automotive free cash flow for 2024 was $14.0 billion, with expectations for 2025 ranging from $11.0 billion to $13.0 billion[3]. - The diluted EPS for 2024 was $6.37, with a projected range for 2025 between $11.00 and $12.00[3]. - Net income attributable to stockholders for 2024 was $6.008 billion, down from $10.127 billion in 2023, a decrease of 40.5%[20]. - Basic earnings per common share for 2024 was $6.45, compared to $7.35 in 2023, reflecting a decline of 12.2%[20]. - Diluted earnings per common share for 2024 was $6.37, down from $7.32 in 2023, a decrease of 13.0%[20]. - The company reported a net loss of $2.961 billion for the three months ended December 31, 2024, compared to a net income of $2.102 billion for the same period in 2023[20]. - Net income for the year ended December 31, 2024, was $6.637 billion, a significant improvement from a net loss of $(2.535) billion in 2023[28]. Revenue and Sales - Revenue for the fourth quarter of 2024 was $47.7 billion, an increase of 11.0% from $43.0 billion in the same quarter of 2023[6]. - Automotive net sales increased to $171.605 billion in 2024, up from $157.667 billion in 2023, representing an 8.3% growth[17]. - GM Financial revenue rose to $15.875 billion in 2024, compared to $14.225 billion in 2023, marking an 11.6% increase[17]. - Total net sales and revenue for 2024 reached $187.442 billion, a 9.5% increase from $171.842 billion in 2023[17]. - Net sales and revenue for the three months ended December 31, 2024, were $47,702 million, an increase from $42,980 million in the same period of 2023, representing a growth of 11.9%[32]. - For the year ended December 31, 2024, net sales and revenue reached $187,442 million, compared to $171,842 million in 2023, marking an increase of 9.1%[32]. Costs and Expenses - Total costs and expenses increased to $174.658 billion in 2024, up from $162.544 billion in 2023, reflecting a 7.4% rise[17]. - Operating income for 2024 was $12.784 billion, compared to $9.298 billion in 2023, indicating a 37.5% increase[17]. - The company reported a significant equity loss from its Automotive China joint ventures, amounting to $4.1 billion for the three months ended December 31, 2024[32]. - Total adjustments for EBIT included $5.2 billion for the three months ended December 31, 2024, compared to $598 million for the same period in 2023[51]. Assets and Liabilities - Total assets increased to $279.761 billion as of December 31, 2024, compared to $273.064 billion in 2023, reflecting a growth of approximately 2.5%[24]. - Cash and cash equivalents rose significantly to $19.872 billion in 2024 from $18.853 billion in 2023, marking an increase of about 5.4%[24]. - GM Financial receivables, net, increased to $46.362 billion in 2024 from $39.076 billion in 2023, representing a growth of approximately 18.6%[24]. - Total current liabilities increased to $96.265 billion in 2024, up from $94.445 billion in 2023, indicating a rise of about 1.9%[24]. - Long-term debt for Automotive decreased to $13.327 billion in 2024 from $15.985 billion in 2023, a reduction of approximately 16.5%[24]. - Total stockholders' equity decreased slightly to $63.072 billion in 2024 from $64.286 billion in 2023, a decline of about 1.9%[24]. - Inventories decreased to $14.564 billion in 2024 from $16.461 billion in 2023, reflecting a decline of approximately 11.5%[24]. - The company reported a total of $46.474 billion in non-current GM Financial receivables in 2024, up from $45.043 billion in 2023, an increase of about 3.2%[24]. - Accumulated other comprehensive loss increased to $11.253 billion in 2024 from $10.247 billion in 2023, indicating a rise of approximately 9.8%[24]. - Total non-current liabilities decreased to $117.906 billion in 2024 from $110.312 billion in 2023, a decrease of about 6.9%[24]. Cash Flow and Investments - Net cash provided by operating activities increased to $23.939 billion in 2024, compared to $(2.233) billion in 2023[28]. - The company reported a net cash used in investing activities of $(12.813) billion in 2024, compared to $(7) million in 2023[28]. - The net cash provided by financing activities was $(8.501) billion in 2024, compared to $1.204 billion in 2023[28]. - Cash, cash equivalents, and restricted cash at the end of the period for 2024 totaled $22.964 billion, an increase from $21.917 billion at the end of 2023[28]. - The company recorded a provision for deferred taxes of $966 million in 2024, compared to a benefit of $(656) million in 2023[28]. - The change in other operating assets and liabilities resulted in a cash flow of $4.978 billion in 2024, compared to $693 million in 2023[28]. - The company reported pension contributions and OPEB payments of $(1.517) billion in 2024, compared to $(1.099) billion in 2023[28]. Market and Sales Volume - In the year ended December 31, 2024, GM's wholesale vehicle sales volume reached 4,010 thousand units, an increase from 3,768 thousand units in 2023, representing a growth of 6.4%[62]. - GM's total vehicle sales in North America for the three months ended December 31, 2024, were 889 thousand units, up from 747 thousand units in the same period of 2023, marking a 19.0% increase[65]. - GM's market share in the U.S. for the year ended December 31, 2024, was 16.5%, compared to 16.2% in 2023, reflecting a 0.3 percentage point increase[65]. - Fleet sales accounted for 16.9% of total vehicle sales for the year ended December 31, 2024, consistent with the percentage in 2023[67]. - GM's total vehicle sales in China for the year ended December 31, 2024, were 1,839 thousand units, a decrease from 2,099 thousand units in 2023, representing a decline of 12.4%[65]. - The North America capacity two-shift utilization for the year ended December 31, 2024, was 105.7%, an increase from 97.1% in 2023[67]. - GM's total vehicle sales in South America for the year ended December 31, 2024, were 424 thousand units, up from 456 thousand units in 2023, indicating a decrease of 7.0%[65]. - GM's total vehicle sales in the Asia/Pacific, Middle East, and Africa region for the year ended December 31, 2024, were 2,359 thousand units, down from 2,676 thousand units in 2023, reflecting a decline of 11.8%[65]. - GM's wholesale vehicle sales in the GM North America (GMNA) segment for the three months ended December 31, 2024, were 876 thousand units, compared to 782 thousand units in 2023, representing an increase of 12.0%[62]. - GM's total vehicle sales worldwide for the year ended December 31, 2024, were 6,001 thousand units, an increase from 6,189 thousand units in 2023, reflecting a decline of 3.0%[65]. Strategic Focus - The company is focusing on advanced technology and electric vehicles as part of its strategy for future growth[9]. - The company plans to continue investing in new technologies and market expansion to drive future growth[19]. - GM's 2025 financial guidance assumes a stable policy environment in North America and a $0.5 billion benefit from reduced expenses at Cruise[3].