GM Q4 2021 Earnings: $1.7 Billion Income On $33.5 Billion Revenue
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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% |
| 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 MARGIN | 8.5% | 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 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
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
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.
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