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GM Q4 2021 Earnings: $1.7 Billion Income On $33.5 Billion Revenue

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 2021Q4 2020Q4 2021 - Q4 2020% CHANGE Q4 2021 / Q4 2020
GM FINANCIAL EBT-ADJUSTED$1,180$1,039$+141.0+13.6%
GAAP METRICS
REVENUE$33,584$37,518$-3,934.0-10.5%
NET INCOME$1,741$2,846$-1,105.0-38.8%
EARNINGS PER SHARE (EPS) DILUTED$1.16$1.93$-0.77-39.9%
NON GAAP METRICS
EBIT-ADJUSTED$2,839$3,712$-873.0-23.5%
EBIT-ADJUSTED MARGIN8.5%9.9%-1.4%11.3%
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%
DIVISIONAL RESULTS
GM NORTH AMERICA EBIT-ADJUSTED$2,165$2,612$-447.0-17.1%
- GM NORTH AMERICA EBIT-ADJUSTED MARGIN8.1%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%
1. EPS-diluted and EPS-diluted-adjusted include a $0.02 and $0.26 impact from revaluation on equity investments in the three months ended December 31, 2021 and 2020.
- 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

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.

GM Cruise

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

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
Cadillac XT6

Cadillac XT6

Guidance

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.

We will continue our obsessive coverage of all things General Motors, and invite you to subscribe to GM Authority for more GM financial newsGM business news, and around-the-clock GM news coverage.

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Comments

  1. So who’s going to get smart and kill off the GM Cruise – today??

    Reply
    1. nah it’s needed to take the autonomous dev and testing costs as an LLC

      Reply
  2. Is anyone really surprised?

    Reply
    1. You want the good ol’days of red quarters under Rick Wagoner?

      Reply
      1. No we want them to actually pay back the tax payer bailout they got, not pay it back with more tax payer money that was put in a escrow account for them.

        Reply
        1. Yes, GM will mail you your $2 they took from you in 2009. Faux flag waving patriots boosting other nations industries for decades but havens forbid we support our own outside of the defense industry. Germany notorious for industry protection (ask Elon Musk) but we got to be “da best”. The money was paid back, if it wasn’t so what?, GM knows they don’t have a 2nd chance.

          Reply
          1. Lol you do try to do these comparisons each time surprised you didn’t bring up ford again I guess the last time it was explained to you the difference between investor money and tax payer money made you stop saying it lmao. By the way keeping making excuses.

            Reply
          2. Wrong the money was paid back because Obama put over $14.4 billion in a escrow account which gm used that money to pay it back. Get your facts rights.

            Reply
            1. Triggered?, “Obama invaded Iraq himself” next thing you be saying. As said the money was paid back either way, there’s no other things to look at, no I’m not going to be Magnum PI to look at your “facts”. If you don’t like GM products you can head to the competition websites.

              Reply
              1. You use to include ford when you made your claims about other companies and bailouts why did you stop doing that? Oh that’s right investor money vs tax payer money once you realized the difference now you cling on to dear Elon Elon Elon

                Reply
                1. You the only one keep mentioning Ford, you work there?. My point stands and you still fail to make yours..

                  Reply
                  1. Any time the bailout is ever brought up you claim or use to well ford and Elon got a bailout to. Unless that was your alter ego Ha-Ha talking?

                    Reply
                    1. You right, when I talk sith from now on I’ll use this name only 😉 but you still don’t have a point.

                      Reply
                    2. Let me explain an easy way. The US government has no money of there own you know this I know you do. Everything they have is tax payer money, so if very large majority did not want these auto manufacture or banks to get bailed out but the president said it doesn’t matter I’m giving it to them anyways, then try to comprehend this the president put over $14.4 billion in a escrow account for gm and others to “pay back there loan” that was also tax payer money. The population so have a say in what happens with there money when small businesses get screwed daily and social security continues to dwindle but yet oh course there will always be those who praise giant corporations and give them a pass for everything they do.

                      Reply
              2. Wasn’t it Dubya who authorized the bailout in the dying days of his disastrous presidency ?

                Reply
        2. didn’t they pay back exactly what the government asked them to pay back? Wasn’t any losses on the shares the Gov sold?

          lol what did the banks pay back? and they actively take on the daily, don’t like GM’s bailout deal you can not buy a GM product. Don’t like the banks and you’re kind of on your own.

          Reply
          1. Not going to write it again, look at the comment above yours. Don’t believe it? Look it up you are on the internet right now.

            Reply
            1. no thanks

              Reply
            2. The article I just read about the losses was what I indicated, the loss was on the Treasury selling shares at a lower price point.

              But without sounding too gullible, it’s hard to put a price any loss you’re panties are in a twist about. What’s it worth to save a global major employer with huge innovation R&D budgets.

              Reply
              1. You say no thanks but then say the article you just read lol. Ok buddy keep trying.

                Reply
                1. I showed some empathy to you

                  Reply
                  1. You are a random stranger I don’t need you to show me empathy save it for your wife next time she makes you mad.

                    Reply
                    1. Well empathy or not, you’re wrong and pathetic

                      Reply
                    2. Umm not wrong the president put the money in a escrow account it’s not a secret. Funny you say I’m pathetic but yet you just said You showed me empathy then said well empathy or not.

                      Reply
      2. @ Guestt
        I shared your comment on the bronco6g website about you saying the bronco was great for those people doing burnouts on their pebble stone driveway. Needless to say I got banned very fast lol. To this day that is the one of the funniest comments I have ever seen.

        Reply
        1. Thanks 👍

          Reply
  3. So is anyone really surprised?

    Reply
  4. Sure glad I grew up in the 50’s and 60’s when most cars actually had some style and you could repair them yourself for a fraction of the cost. If GM would provide me an 8 year 100,000 mile warranty, I would be over there buying a new one tomorrow. Same goes for other brands but I used to be a GM guy. We have been making cars for some 120 years and the same parts keep failing. Only now they have to take the whole car apart to replace them. Yet we can send people to the moon. It’s all got to be about shareholder value. Give me a true mid size GMC pickup with a 250 hp V8 engine and no more than PS, PB and A/C and I’m good to go. It will never happen. I am looking forward to electric but will I be able to afford one?

    Reply
  5. I thought cars were selling like hotcakes. The dealer lots are empty.

    Reply
    1. If there are no vehicles being produced the dealer lots will be empty. The Domestic automakers, especially GM, have allowed themselves to be exposed to depending on foreign companies for chip production. GM bought out Hughes Electronics back in the late 80’s, Hughes if I remember correctly built chips and integrated circuits.

      Reply
  6. Not surprising since most of their plants were closed for the month of September…. Can’t sell what they’re not making!

    Reply
  7. They are , its just that GM are not able to build to meet demand , its the chip issue.
    Crossovers and cars , midsize pickup have had production stopped for much of last year as GM diverted all of the chips they had to full size trucks and SUV’s

    Reply
  8. Thanks for the good news.
    Hopefully earnings and revenue drops further. Good luck selling those $70,000+ trucks & SUVs with soaring interest rates.

    Reply
  9. Above this “comments” section is a promo for a product called “EcoChip”, supposedly a gas saving device.
    Has anyone tried out and used one of these on any make of vehicle? What results?
    Sounds too good to be true– is it?

    Reply

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