GM Q1 2024 earnings are headlined by $2.9 billion in net income on $43 billion in revenue. Compared to the first quarter of 2023, the results represent a 24.4 percent increase in net income and a 7.6 percent increase in revenue.
The performance represents a net income margin of 6.9 percent, up 0.9 percentage points from 6.0 percent in Q1 2023. Earnings per share (EPS) diluted was $2.56, up $0.87 from $1.69 in Q1 2023.
GM Q1 2024 Earnings Summary
METRIC | UNIT | Q1 2024 | Q1 2023 | CHANGE | % CHANGE |
---|---|---|---|---|---|
GAAP METRICS | |||||
NET REVENUE | BILLION USD | $43,014 | $39,985 | +$3,029 | +7.6% |
NET INCOME ATTRIBUTED TO STOCKHOLDERS | BILLION USD | $2,980 | $2,395 | +$585 | +24.4% |
NET INCOME MARGIN | PERCENT | 6.9% | 6.0% | +0.9 PPTS | N/A |
EARNINGS PER SHARE (EPS) DILUTED1 | USD PER SHARE | $2.56 | $1.69 | +$0.87 | +51.5% |
NON GAAP METRICS | |||||
EBIT-ADJUSTED | BILLION USD | $3,871 | $3,803 | +$68 | +1.8% |
EBIT-ADJUSTED MARGIN | PERCENT | 9.0% | 9.5% | -0.5 PPTS | N/A |
AUTOMOTIVE OPERATING CASH FLOW | BILLION USD | $3,598 | $2,232 | +$1,366 | +61.2% |
ADJUSTED AUTOMOTIVE FREE CASH FLOW | BILLION USD | $1,090 | -$132 | +$1,222 | +925.8% |
EPS DILUTED - ADJUSTED1 | BILLION USD | $2.62 | $2.21 | +$0.41 | +18.6% |
DELIVERIES | MILLIONS OF VEHICLES | 1,347 | 1,382 | -35K | -2.5% |
GLOBAL MARKET SHARE (IN GM MARKETS) | PERCENT | 8.1% | 8.7% | -0.6 PPTS | N/A |
DIVISIONAL RESULTS | |||||
GM NORTH AMERICA EBIT-ADJUSTED | BILLION USD | $3,840 | $3,576 | +$264 | +7.4% |
GM INTERNATIONAL EBIT-ADJUSTED | MILLION USD | -$10.0 | $347 | -$357 | -102.9% |
GM CHINA EQUITY INCOME | MILLION USD | -$106 | $83.0 | -$189 | -227.7% |
CRUISE EBIT-ADJUSTED | MILLION USD | -$0.4 | -$0.6 | +$0.2 | +33.3% |
GM FINANCIAL EBT-ADJUSTED | MILLION USD | $737 | $771 | -$34 | -4.4% |
Earnings
Earnings Before Interest and Taxes, adjusted (EBIT-adjusted) was $3.871 billion, up 1.8 percent or $69 million compared to the $3.803 billion during the year-ago quarter. Net income margin was 6.9 percent, up 0.9 percentage points, and EBIT-adjusted margin was 9.0 percent, down 0.5 percentage points versus 9.5 percent during the first quarter of 2023.
Global Sales & Share
GM recorded 1.347 million vehicle deliveries globally during the quarter, down 2.5 percent or around 35K units compared to the 1.382 million deliveries during the same time frame a year ago.
GM Q1 2024 Global Deliveries
Vehicle sales in hundreds of thousands of units (000)Q1 2024 / Q1 2023 | Q1 2024 | Q1 2023 | |
---|---|---|---|
Global Deliveries | -2.5% | 1,347 | 1,382 |
North America | +0.3% | 709 | 707 |
- U.S.A | -1.5% | 594 | 603 |
Asia/Pacific, Middle East and Africa | -2.8% | 554 | 570 |
- China | -4.5% | 441 | 462 |
South America | -20.8% | 84 | 106 |
- Brazil | -19.7% | 57 | 71 |
GM’s global market share in markets where it competes was 8.1 percent during Q1 2024, down 0.6 percentage points from the same time period a year ago.
GM North America
GM North America (GMNA), General Motors’ largest and most profitable division, posted:
- $36.1 billion in revenue vs. $32.9 billion in the year-ago quarter
- $3.8 billion EBIT-adjusted vs. $3.6 billion in the year-ago quarter
- 792K vehicle deliveries vs. 723K in the year-ago quarter
- U.S. dealer inventory was at 534K units vs. 412K in the year-ago quarter
- U.S. GM EV sales totaled 16.4K units for 6.2 percent EV market share vs. 20.7K units and 8.4 percent market share in the year-ago quarter
GM International
GM International (GMI), which does not include GM China joint venture earnings, posted:
- $3.1 billion in revenue vs. $3.7 billion in the year-ago quarter
- Negative $0.1 billion EBIT-adjusted for an EBIT-adjusted margin of 3.1 percent vs. $0.3 billion EBIT-adjusted and an EBIT-adjusted margin of 7.1 percent in the year-ago quarter
- 104K vehicle wholesales vs. 141K in the year-ago quarter
GM China Auto Joint Venture
GM China auto joint venture posted:
- $4.1 billion in net revenue vs. $5.8 billion in the year-ago quarter
- Negative $0.1 billion in equity income vs. $0.1 billion in the year-ago quarter
- GM states that this was driven by lower production to balance dealer inventory levels
- 322K vehicle wholesales vs. 392K 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:
- $0.0 billion in revenue vs. $0.0 billion in the year-ago quarter
- Negative $0.4 billion in EBIT-adjusted vs. negative $0.6 billion in the year-ago quarter as a result of “cost reduction activities and a more focused operational plan”
GM Financial
GM Financial, General Motors’ captive finance arm, posted:
- $0.7 billion EBT-adjusted and a 16.8 percent Return on Average Tangible Common Equity (RATCE) vs. $0.8 billion and 21.5 percent RATCE in the year-ago quarter
- $33.1 billion in liquidity and 8.29x Leverage Ratio vs. $29.9 billion and 7.85x Leverage Ratio in the year-ago quarter
- $118.2 billion in ending earning assets vs. $110.2 billion in the year-ago quarter
- GM Financial accounted for 39.9 percent of GM U.S. retail sales (by units) vs. 45.9 percent in the year-ago quarter
Guidance
GM updated its 2024 full-year earnings guidance, essentially raising all metrics.
GM’s 2024 financial guidance includes anticipated capital spending of $10.5 billion – $11.5 billion, inclusive of investments in the company’s battery cell manufacturing joint ventures.
Updated GM 2024 CY Guidance
Metric | Updated 2024 Guidance | Original 2024 Guidance |
---|---|---|
Net income attributable to stockholders | $10.1 billion - $11.5 billion | $9.8 billion - $11.2 billion |
EBIT-adjusted | $12.5 billion - $14.5 billion | $12.0 billion - $14.0 billion |
Automotive operating cash flow | $18.3 billion - $21.3 billion | $18.0 billion - $21.0 billion |
Adjusted automotive free cash flow | $8.5 billion - $10.5 billion | $8.0 billion - $10.0 billion |
EPS-diluted | $8.94 - $9.94 | $8.50 - $9.50 |
EPS-diluted-adjusted | $9.00 - $10.00 | $8.50 - $9.50 |
We will continue our obsessive coverage of all things General Motors, and invite you to subscribe to GM Authority for more GM financial news, GM business news, and around-the-clock GM news coverage.
Comments
This is the outcome of gouge pricing and people throwing down money like we’re still in a low interest environment/ not understanding the cost of a loan and only looking at monthly ‘affordability’ on that 96 month loan.
@ MikeRR
Couldn’t agree more with your entire statement. The string will break, and it will break so fast that most people will be like, “what just happened”…..then be complain for help when it does.
I was out in Las Vegas working in 2007-2008 when the housing market collapsed. People were on TV crying for help on their “interest only” loans…….but only 1 year earlier they were bragging on how they were able to get into this huge house, while housing prices were going up….little did they know what was going to happen!
lol people down voting are the ones with a 96 month loan at 7.99% not understanding why that’s bad while simultaneously staring at the sun
Congrats you just bought a $40,000 car but will pay $55,000. But not to worry, you’ll trade it in at year 4 with the loan under water, you won’t know what that means but it all good because the new car you’re getting is only $30 more per month. Rinse and repeat.
In other words they have one region (mostly the US) that’s profitable thanks to relentless cost cutting and fat margins on trucks and SUV’s.
You don’t get a business plan and earnings report much simpler than that.
Agreed. And yet, gm keeps doing everything they can to piss off many American buyers, going after the dying Chinese market and whatever the heck Europe is doing.
So GM has outsold Ford in Trucks, makes big profits and you people still complain. GM is a company like all companies in business to make money. They obviously are making product that people want. You can’t make everything in the US and I’m ok with that. Many countries won’t let US car makers import cars them without huge tariffs unless they are made in another country. So it makes sense in today’s world to manufacture in different countries. If all those entry level cars were made in the US the price would be a lot more expensive and harder for any manufacture to make profits. If don’t like it buy something else.
Chevrolet made the Cavalier in Lordstown Ohio for many years and the car was still affordable. And it wasn’t unheard of many hitting 200k miles. So I don’t buy the “has to be made outside the US for it to be inexpensive” crap. I am not making a fuss over cars like the Trax made in Korea, Koreans make very good quality stuff but that “cannot be made in the US” excuse is getting tired and old.
the chinese market is dying? did you get this from a youtube pundit or something. chinese market is the largest in the world and only increasing. gm is actually competing there while in the US its milking you for 87k high country plastic box… but when you are a housewife with a husband paying for it, it doesnt matter i guess.. ultimately GM just makes appliances now
and appliances sell.
as to your other misinformation.. no country targets american cars specifically. in fact, america is one of the few countries where you cannot import anything newer than 25 years old. in europe you can import (any country, eu member or not) ANYTHING. the surcharges are not surcharges but registration fees which go based on engine size, hp, emissions level etc. several things come into play.
but you are not limited or restricted from importing and using anything as long as you can pay for it. that is what “Free” america does – prohibits you from actually importing, using and registering.
You know that China is one of the worse sufferers of the demographics issue largely because of the self-inflicted wound from the one child policy? And further made worse by a social issue of families preference to boys? So while yes, even with this issue possibly halving their population by 2050 when the lost generation (the equivalent to our boomers) pass away they will still have a population of 700 million (still double that of the US so I wouldn’t call it dying) but I also wouldn’t call it “still growing” unless more Chinese people can afford cars. Regardless, this is a problem even Xi Jinping himself has acknowledged is facing China today.
85ZingoGTR gets it. China’s demographics are imploding at a natural rate we’ve never seen in known human history. We don’t have a modern economic theory for when this happens, and it’s just starting. Also, China imports something like 90% of their energy needs? Good luck with all of that.
GM Authority Staff:
Only here is there a difference between “income” and “revenue”.
Can we assume the title should read “3 Billion dollars PROFIT on 43 Billion in revenue”?
Yes.
It should.
Obviously there is a difference between income and revenue. That’s why they are different words.
Read the article, it says “income” in the title and “net income” elsewhere.
Do we need a glossary of terms for these reports?
PS: the official accounting term is “net income attributable to stockholders”… so “income” is fitting.