GM(US:GM)2024-04-23 11:17Revenue and Net Income - Q1 2024 revenue reached $43.0 billion, a 7.6% increase year-over-year[4] - Net income attributable to stockholders was $3.0 billion, up 24.4% from Q1 2023[4] - Net income attributable to common stockholders increased to $2.97 billion in Q1 2024, up from $2.37 billion in Q1 2023, representing a 25.3% year-over-year growth[18] - General Motors' net income for the three months ended March 31, 2024, was $2.804 billion, compared to $2.221 billion in the same period in 2023[24] - Net sales and revenue for Q1 2024 totaled $43.014 billion, with GM North America (GMNA) contributing $36.099 billion and GM International (GMI) contributing $3.082 billion[30] EBIT and Adjusted EBIT - EBIT-adjusted for Q1 2024 was $3.9 billion, a 1.8% increase year-over-year[4] - GMNA EBIT-adjusted for Q1 2024 was $3.8 billion, a 7.4% increase year-over-year[4] - EBIT-adjusted for Q1 2024 was $3.871 billion, with GM North America contributing $3.840 billion and GM Financial contributing $737 million[41] - EBIT-adjusted for Q1 2024 was $12.4 billion, down from $14.2 billion in Q1 2023[48] Cash Flow and Liquidity - Automotive operating cash flow for Q1 2024 was $3.6 billion, a 61.2% increase year-over-year[4] - Adjusted automotive free cash flow for Q1 2024 was $1.1 billion, compared to a loss of $132 million in Q1 2023[4] - Net cash provided by operating activities in Q1 2024 was $3.598 billion, a significant increase from $2.232 billion in Q1 2023[24] - GM's cash, cash equivalents, and restricted cash at the end of Q1 2024 were $21.378 billion, slightly down from $21.141 billion at the end of Q1 2023[27] - GM's adjusted automotive free cash flow is used to measure liquidity and performance against capital allocation programs[38] - Adjusted automotive free cash flow for Q1 2024 was $1.09 billion, compared to a negative $132 million in Q1 2023[49] - Net automotive cash provided by operating activities increased to $3.598 billion in Q1 2024 from $2.232 billion in Q1 2023[49] Guidance Updates - Updated 2024 guidance for net income attributable to stockholders is $10.1 billion - $11.5 billion, up from previous guidance of $9.8 billion - $11.2 billion[2] - 2024 EBIT-adjusted guidance raised to $12.5 billion - $14.5 billion from $12.0 billion - $14.0 billion[2] - 2024 capital spending is anticipated to be $10.5 billion - $11.5 billion, including investments in battery cell manufacturing joint ventures[2] Financial Position and Assets - Total current assets increased to $106.47 billion as of March 31, 2024, up from $101.62 billion as of December 31, 2023[21] - GM Financial receivables, net, grew to $41.68 billion as of March 31, 2024, compared to $39.08 billion as of December 31, 2023[21] - Total liabilities increased to $205.99 billion as of March 31, 2024, up from $204.76 billion as of December 31, 2023[21] - Total stockholders' equity rose to $66.60 billion as of March 31, 2024, compared to $64.29 billion as of December 31, 2023[21] - Cash and cash equivalents decreased to $17.64 billion as of March 31, 2024, down from $18.85 billion as of December 31, 2023[21] - Inventories increased to $17.53 billion as of March 31, 2024, up from $16.46 billion as of December 31, 2023[21] - Total non-current assets grew to $170.12 billion as of March 31, 2024, compared to $171.45 billion as of December 31, 2023[21] Earnings Per Share and Tax - Basic earnings per common share rose to $2.57 in Q1 2024, compared to $1.70 in Q1 2023, a 51.2% increase[18] - Diluted earnings per share (EPS) for Q1 2024 was $2.56, with EPS-diluted-adjusted at $2.62[44] - The effective tax rate (ETR) for Q1 2024 was 20.5%, with ETR-adjusted at 20.6%[45] - GM's provision for deferred taxes in Q1 2024 was $781 million, up from $408 million in Q1 2023[24] Equity and Investments - China equity income for Q1 2024 was a loss of $106 million, compared to income of $83 million in Q1 2023[4] - Equity income from Ultium Cells Holdings LLC, a joint venture with LG Energy Solution, was $156 million in Q1 2024, compared to an insignificant amount in Q1 2023[30] - GM Financial contributed $535 million to the net income in Q1 2024, up from $551 million in Q1 2023[24] Debt and Dividends - The net increase in short-term debt in Q1 2024 was a decrease of $249 million, compared to a decrease of $167 million in Q1 2023[26] - Dividends paid by GM Financial to Automotive in Q1 2024 were $509 million, the same as in Q1 2023[25] Market Share and Sales - GM's wholesale vehicle sales outside the U.S. accounted for 26.0% of total wholesale sales in Q1 2024[51] - Total wholesale vehicle sales increased to 895,000 units in Q1 2024, up from 864,000 units in Q1 2023[52] - GM's market share in China decreased to 7.9% in Q1 2024 from 9.1% in Q1 2023[54] - GM's total vehicle sales in the U.S. market share decreased to 15.4% in Q1 2024 from 16.4% in Q1 2023[54] - Fleet sales as a percentage of total vehicle sales decreased to 15.5% in Q1 2024 from 19.3% in Q1 2023[55] Operational Metrics - North America two-shift capacity utilization improved to 109.7% in Q1 2024 from 96.0% in Q1 2023[55] - ROIC-adjusted decreased to 16.7% in Q1 2024 from 19.3% in Q1 2023[48] - Return on equity (ROE) for the trailing four quarters ended March 31, 2024 was 15.1%, up from 13.7% in the same period in 2023[46] Expenditures and Depreciation - Expenditures for property in Q1 2024 totaled $2.728 billion, compared to $2.408 billion in Q1 2023[24] - Expenditures for property in Q1 2024 totaled $2.783 billion, with GMNA accounting for $2.631 billion[30] - Depreciation and amortization expenses in Q1 2024 were $2.798 billion, with GMNA accounting for $1.409 billion[30] Other Financial Metrics - The company's pension and OPEB income, net, was $14 million in Q1 2024, compared to a loss of $20 million in Q1 2023[24] - The effect of exchange rate changes on cash, cash equivalents, and restricted cash in Q1 2024 was a decrease of $78 million, compared to an increase of $54 million in Q1 2023[25] - GM Financial reported revenue of $3.811 billion in Q1 2024, up from $3.343 billion in Q1 2023[30]