GM 2023 earnings were headlined by $10.1 billion in net income on $171.8 billion in revenue. Compared to the 2022 calendar year, the results represent a two percent increase in net income and a 9.6 percent increase in revenue.
The performance represents a net income margin of 5.9 percent, down 0.4 percentage points from 6.3 percent in 2022. Earnings per share (EPS) diluted was $7.32 per share, up $1.19 from $6.13 per share on an annual basis.
GM 2023 Earnings Summary
| METRIC | UNIT | 2023 | 2022 | CHANGE | % CHANGE |
|---|---|---|---|---|---|
| GAAP METRICS | |||||
| NET REVENUE | BILLION USD | $171.8 | $156.7 | $+15.1 | +9.6% |
| NET INCOME ATTRIBUTED TO STOCKHOLDERS | BILLION USD | $10.1 | $9.9 | $+0.2 | +2% |
| NET INCOME MARGIN | PERCENT | 5.9% | 6.3% | -0.4% | N/A |
| EARNINGS PER SHARE (EPS) DILUTED | USD PER SHARE | $7.32 | $6.13 | $+1.19 | +19.4% |
| NON GAAP METRICS | |||||
| EBIT-ADJUSTED | BILLION USD | $12.4 | $14.5 | $-2.1 | -14.5% |
| EBIT-ADJUSTED MARGIN | PERCENT | 7.2% | 9.2% | -2.0% | N/A |
| AUTOMOTIVE OPERATING CASH FLOW | BILLION USD | $20,828 | $19,094 | $1,734.0 | +9.1% |
| ADJUSTED AUTOMOTIVE FREE CASH FLOW | BILLION USD | $11.7 | $10.5 | $1.2 | +11.4% |
| EPS DILUTED - ADJUSTED1 | BILLION USD | $7.68 | $7.59 | $+0.1 | +1.2% |
| DELIVERIES | MILLIONS OF VEHICLES | 6,186 | 5,939 | 247 | +4.2% |
| MARKET SHARE (IN GM MARKETS) | PERCENT | 8.8% | 9.2% | -0.4% | N/A |
| DIVISIONAL RESULTS | |||||
| GM NORTH AMERICA EBIT-ADJUSTED | BILLION USD | $12,306 | $12,988 | $-682.0 | -5.3% |
| GM INTERNATIONAL EBIT-ADJUSTED | MILLION USD | $1,210 | $1,143 | $+67.0 | +5.9% |
| GM CHINA EQUITY INCOME | MILLION USD | $446 | $677 | $-231.0 | -34.1% |
| CRUISE EBIT-ADJUSTED | MILLION USD | -$2.7 | -$1.9 | $-0.8 | -42.1% |
| GM FINANCIAL EBT-ADJUSTED | MILLION USD | $2,985 | $4,076 | $-1,091.0 | -26.8% |
Earnings
Earnings Before Interest and Taxes-adjusted (EBIT-adjusted) was $12.4 billion, down 14.5 percent or $2.1 billion compared to $14.5 billion during the year-ago quarter. EBIT-adjusted margin was 7.2 percent, down 2 percentage points versus 9.2 percent during 2022.
The EBIT-adjusted performance is attributable to an increase in GMNA volume driven by robust customer demand in high volume segments, partially offset by around 95K units lost to the UAW strike as well as unfavorable mix due to higher EV and crossover sales.
Global Sales & Share
GM recorded 6,186 million vehicle deliveries globally during the year, up 4.2 percent or around 247K units compared to 5,939 million deliveries during 2022.
GM 2023 Global Deliveries
Vehicle sales in hundreds of thousands of units (000)| 2023 / 2022 | 2023 | 2022 | |
|---|---|---|---|
| Global Deliveries | +4% | 6,186 | 5,939 |
| North America | +14% | 3,055 | 2,680 |
| - U.S.A | +14% | 2,595 | 2,274 |
| Asia/Pacific, Middle East and Africa | -5% | 2,675 | 2,808 |
| - China | -9% | 2,099 | 2,303 |
| South America | +1% | 456 | 451 |
| - Brazil | +13% | 328 | 291 |
GM’s global market share in the markets where it competes was 8.8 percent during 2023, down 0.4 percentage points from 9.2 percent during the same time period a year ago.
Chevrolet Silverado 1500
GM North America
GM North America (GMNA), General Motors’ largest and most profitable division, posted:
- $141.5 billion in revenue vs. $128 billion in 2022
- $12.3 billion EBIT-adjusted vs. $13 billion in 2022
- 3,055 million vehicle deliveries vs. 2,680 million in 2022
Chevrolet Onix Hatchback offered in South America
GM International
GM International (GMI), which excludes GM China joint venture earnings, posted:
- $15.9 billion in revenue vs. $15.4 billion in 2022
- $1.2 billion EBIT-adjusted vs. 1.1 billion in 2022
Buick Verano Pro offered in China
GM China Auto Joint Venture
GM China auto joint venture posted:
- $446 million in equity income vs. $677 million in 2022
- 2.1 million vehicle deliveries vs. 2.3 million in 2022
Cruise Origin robo-taxi
GM Cruise
Cruise, GM’s division that’s working on developing and bringing to market a robo-taxi service, posted:
- $0.0 in revenue vs. $0.0 in the year-ago quarter
- $(2.7) billion in EBIT-adjusted vs. $(1.9) billion in 2022
Cadillac Lyriq
GM Financial
GM Financial, General Motors’ captive finance arm, posted:
- $14.2 billion in revenue vs. $12.8 billion in 2022
- $2.985 billion in EBT-adjusted vs. $4.1 billion in 2022
GMC Sierra 1500 AT4X
Guidance
GM provided guidance ranges for 2024, as follows:
- Net income attributable to stockholders: $9.8 billion – $11.2 billion
- EBIT-adjusted: $12.0 billion – $14.0 billion
- Automotive operating cash flow: $18.0 billion – $21.0 billion
- Adjusted automotive free cash flow: $8.0 billion – $10.0 billion
- EPS-diluted: $8.50 – $9.50
- EPS-diluted-adjusted: $8.50 – $9.50
- Both EPS guidance figures include an estimated $1.45 per share impact from the company’s accelerated share repurchase program, initiated in November 2023, based on current share price and offset by $0.50 from a higher tax rate and lower interest income. It assumes a full-year weighted-average diluted share count slightly below $1.15 billion shares.
GMC Hummer EV SUV (left) and GMC Hummer EV Pickup (right)
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Comments
Incredible. 10% increase in revenue and they acted like they’re unable to pay the unions.
China is quickly becoming worthless at half a billion and not much better than Latin America/Brazil. Only scale/shared R&D make China worth while. GM must enter EU with its EVs.
What is GM US market share?
I guess draconian Covid lockdowns weren’t such a hot idea after all. But the CCP will save face and not admit that.
Chinese are buying cars, just not many GM cars. A lot of BYD though.
Is this the same MULTI-$BILLION Corporation that doesn’t install lighted vanity mirrors for the sun visors in their $80k + trucks? I have a 2024 Silverado RST 3.0 I with no lights in the vanity mirrors! Unbelievable to say the least!!!
Don’t blame GM if you payed dealer markup and ended up spending $80k on an RST.
It would seem your lack of lighted mirrors are the least of your problems.
This is a Canadian truck….and I got a $7k discount on the M.S.R.P. The one bright spot of my factory order is that the truck was built on Friday 25 August, ’23, at the Fort Wayne, IN Plant. It was built and delivered to the Dealer in Orangeville,ON, (north of Toronto), on Thursday 31 August, ’23, prepped by dealer and I picked it up on Saturday 2 September, ’23! Who knew a factory order built and delivered in ONE WeeK!
How is that possible? I have lighted mirrors in a $68k Cadillac.
My 2017 Silverado LT had lighted vanity mirrors. Current truck does not. Not sure when GM decided to eliminate them, and for which models is this now standard? Totally unacceptable and short sided. Would love to know which bean counter at GM came up with that decision.
Actually I do have an odd omission in my XT5. No sunglass holder. I get that where the sunglass holder is supposed to be in lieu the switch and sensors for the cars alarm. But its not like its an unusual concept to relocate the sunglass holder to where the oh-s*** handle is over the driver. I have these fancy Ray-Ban aviators and no place to put them other than the door pocket.
Just shows how over priced these vehicles are. SMH.
And people still buy them, although they are slowly starting to not want to pay these insane prices.