General Motors Co. today reported second-quarter 2024 revenue of $48.0 billion, net income attributable to stockholders of $2.9 billion and EBIT-adjusted of $4.4 billion.
GM is also updating its 2024 full-year earnings guidance for the second consecutive quarter:
| Updated 2024 Guidance | Previous 2024 Guidance | |
| Net income attributable to stockholders | $10.0 billion – $11.4 billion | $10.1 billion – $11.5 billion |
| EBIT-adjusted | $13.0 billion – $15.0 billion | $12.5 billion – $14.5 billion |
| Automotive operating cash flow | $19.2 billion – $22.2 billion | $18.3 billion – $21.3 billion |
| Adjusted automotive free cash flow | $9.5 billion – $11.5 billion | $8.5 billion – $10.5 billion |
| EPS-diluted | $8.93 – $9.93 | $8.94 – $9.94 |
| EPS-diluted-adjusted | $9.50 – $10.50 | $9.00 – $10.00 |
GM’s 2024 financial guidance includes anticipated capital spending of $10.5 billion – $11.5 billion, inclusive of investments in the company’s battery cell manufacturing joint ventures.
Results Overview
| Three Months Ended | ||||
| ($M) except per share amounts | June 30, 2024 | June 30, 2023 | Change | % Change |
| Revenue | $ 47,969 | $ 44,746 | $ 3,223 | 7.2 % |
| Net income attributable to stockholders | $ 2,933 | $ 2,566 | $ 367 | 14.3 % |
| EBIT-adjusted | $ 4,438 | $ 3,234 | $ 1,204 | 37.2 % |
| Net income margin | 6.1 % | 5.7 % | 0.4 ppts | 7.0 % |
| EBIT-adjusted margin | 9.3 % | 7.2 % | 2.1 ppts | 29.2 % |
| Automotive operating cash flow | $ 7,713 | $ 7,114 | $ 599 | 8.4 % |
| Adjusted automotive free cash flow | $ 5,297 | $ 5,548 | $ (251) | (4.5) % |
| EPS-diluted(a) | $ 2.55 | $ 1.83 | $ 0.72 | 39.3 % |
| EPS-diluted-adjusted(a) | $ 3.06 | $ 1.91 | $ 1.15 | 60.2 % |
| GMNA EBIT-adjusted | $ 4,433 | $ 3,194 | $ 1,239 | 38.8 % |
| GMNA EBIT-adjusted margin | 10.9 % | 8.6 % | 2.3 ppts | 26.7 % |
| GMI EBIT-adjusted | $ 50 | $ 236 | $ (186) | (78.8) % |
| China equity income (loss) | $ (104) | $ 78 | $ (182) | n.m. |
| GM Financial EBT-adjusted | $ 822 | $ 766 | $ 56 | 7.3 % |
(a) EPS-diluted and EPS-diluted-adjusted include a $(0.10) and $(0.03) impact from revaluation on equity investments in the three months ended June 30, 2024 and 2023.
(b) n.m. = not meaningful
| Six Months Ended | ||||
| ($M) except per share amounts | June 30, 2024 | June 30, 2023 | Change | % Change |
| Revenue | $ 90,983 | $ 84,732 | $ 6,251 | 7.4 % |
| Net income attributable to stockholders | $ 5,913 | $ 4,962 | $ 951 | 19.2 % |
| EBIT-adjusted | $ 8,310 | $ 7,037 | $ 1,273 | 18.1 % |
| Net income margin | 6.5 % | 5.9 % | 0.6 ppts | 10.2 % |
| EBIT-adjusted margin | 9.1 % | 8.3 % | 0.8 ppts | 9.6 % |
| Automotive operating cash flow | $ 11,311 | $ 9,346 | $ 1,965 | 21.0 % |
| Adjusted automotive free cash flow | $ 6,388 | $ 5,415 | $ 973 | 18.0 % |
| EPS-diluted(a) | $ 5.10 | $ 3.52 | $ 1.58 | 44.9 % |
| EPS-diluted-adjusted(a) | $ 5.68 | $ 4.12 | $ 1.56 | 37.9 % |
| GMNA EBIT-adjusted | $ 8,273 | $ 6,769 | $ 1,504 | 22.2 % |
| GMNA EBIT-adjusted margin | 10.8 % | 9.7 % | 1.1 ppts | 11.3 % |
| GMI EBIT-adjusted | $ 40 | $ 583 | $ (543) | (93.1) % |
| China equity income (loss) | $ (210) | $ 161 | $ (371) | n.m. |
| GM Financial EBT-adjusted | $ 1,559 | $ 1,537 | $ 22 | 1.4 % |
(a) EPS-diluted and EPS-diluted-adjusted include an $(0.11) impact from revaluation on equity investments in the six months ended June 30, 2024.
(b) n.m. = not meaningful
SOURCE: GM
