General Motors Co. (NYSE: GM) today announced second-quarter 2018 results reflecting profitability in all core operating segments and the second consecutive quarter of records for China and GM Financial. Results included the unfavorable impact of rising commodity costs, and foreign currency devaluations in South America.
Second-quarter 2018 results:
- EPS-diluted of $1.66 and EPS diluted-adjusted of $1.81
- Revenue of $36.8 billion
- GM North America EBIT-adjusted of $2.7 billion and margin of 9.4 percent
- GM International EBIT-adjusted of $0.1 billion, includes record equity income in China of $0.6 billion, partially offset by unfavorable foreign exchange impact in South America
- GM Cruise EBIT-adjusted of $(0.2) billion, on plan and reflecting continued spending on autonomous as the company moves to commercialization
- GM Financial EBT-adjusted of $0.5 billion, another record, as earning assets grew 12 percent to $90.4 billion, supporting expected long-term earnings growth
Recent and significant increases in commodity costs and unfavorable foreign exchange impact of the Argentine peso and Brazilian real have negatively affected business expectations. The company expects these headwinds to continue through 2018 and has revised its full-year outlook to the following:
- EPS diluted of approximately $5.14
- EPS diluted-adjusted of approximately $6
- Auto Operating Cash Flow to approximately $11.5 billion
- Adjusted Auto Free Cash Flow to approximately $4 billion
For complete details and to see reconciliations of non-GAAP measures to their most directly comparable GAAP measures, click here to download the full press release, or visit the GM Investor Relations website.
Investor analyst conference call
GM Chairman and CEO Mary Barra and Executive Vice President and CFO Chuck Stevens will host a conference call for investor analysts at 10 a.m. EDT today to discuss second-quarter business results. The call will include introductory remarks followed by a question and answer session for analysts.
Journalists who wish to listen to the call may dial in using the following numbers:
United States: 1-888-808-8618
International: +1-949-484-0645
Name of Call: GM Earnings Call
General Motors (NYSE:GM) is committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Cadillac, Chevrolet, Baojun, Buick, GMC, Holden, Jiefang and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, Maven, its personal mobility brand, and Cruise, its autonomous vehicle ride-sharing company, can be found at http://www.gm.com.
