GM Q4 2021 earnings were headlined by $1.7 billion in income on $33.5 billion in revenue. Compared to the fourth quarter of 2020, the results represent a 38.8 percent decrease in income and a 10.5 percent decline in revenue.
The results were supported by the following factors:
- Strong pricing and demand for full-size pickups and full-size SUVs in North America
- Continued strong performance at GM Financial, GM’s captive finance arm
As a result, GM expects full-year 2022 net income to be in a range of $9.4 billion-$10.8 billion and EBIT-adjusted to be in a range of $13.0 billion-$15.0 billion. Both figures assume continued steady demand for new vehicles and no significant new economic or supply chain challenges.
GM Q4 2021 Earnings Summary
|Q4 2021||Q4 2020||Q4 2021 - Q4 2020||% CHANGE Q4 2021 / Q4 2020|
|GM FINANCIAL EBT-ADJUSTED||$1,180||$1,039||$+141.0||+13.6%|
|EARNINGS PER SHARE (EPS) DILUTED||$1.16||$1.93||$-0.77||-39.9%|
|NON GAAP METRICS|
|AUTOMOTIVE OPERATING CASH FLOW||$9,384||$5,243||$4,141||+79%|
|ADJUSTED AUTOMOTIVE FREE CASH FLOW||$6,403||$3,433||$2,970||+86.5%|
|EPS DILUTED - ADJUSTED1||$1.35||$1.93||$-0.6||-30.1%|
|GM NORTH AMERICA EBIT-ADJUSTED||$2,165||$2,612||$-447.0||-17.1%|
|- GM NORTH AMERICA EBIT-ADJUSTED MARGIN||8.1%||8.7%||-0.6%||N/A|
|GM INTERNATIONAL EBIT-ADJUSTED||$275||$283||$-8.0||-2.8%|
|- CHINA EQUITY INCOME||$244||$248||$-4.0||-1.6%|
- Figures in millions of USD, except for per share amounts and percentages.
GM North America
GM North America (GMNA), General Motors’ largest and most profitable division, posted:
- $26.9 billion in revenue vs. $30.2 billion in revenue in the year-ago quarter
- $2.2 billion EBIT-adjusted vs. $2.6 billion in the year-ago quarter
GM International (GMI), which excludes GM China joint venture earnings, posted:
- $3.5 billion in revenue vs. $3.9 billion in the year-ago quarter
- $275 million EBIT-adjusted vs. $283 million in the year-ago quarter
GM China Auto Joint Venture
GM’s China joint ventures posted equity income of $244 million vs. $248 million in the year-ago quarter.
Cruise, GM’s division that’s working on developing and bringing to market a robo-taxi service, posted:
- -$349 million in net income vs. -$260 million in the year-ago quarter
- $25 million in revenue vs. $24 million in the year-ago quarter, though it’s unclear how this was generated
GM Financial, General Motors’ captive finance arm, posted:
- $1.2 billion EBT-adjusted vs. $1.0 billion in the year-ago quarter
- $3.232 billion in revenue vs. $3.426 billion in the year-ago quarter
GM Q4 2021 earnings report provided key guidance information, including full-year 2022 net income of between $9.4 billion and $10.8 billion and EBIT-adjusted of between $13.0 billion-$15.0 billion. Both figures assume continued steady demand for new vehicles and no significant new economic or supply chain challenges.