GM Q3 2024 earnings are headlined by $3.0 billion in net income on $43 billion in revenue. Compared to the third quarter of 2023, the results represent a slight decrease in net income and a 10.5 percent increase in revenue.
The performance represents a net income margin of 6.3 percent while earnings per share (EPS) diluted was $2.68, up $0.48 from $$2.20 in Q3 2023.
GM Q3 2024 Earnings Summary
| METRIC | UNIT | Q3 2024 | Q3 2023 | CHANGE | % CHANGE |
|---|---|---|---|---|---|
| GM FINANCIAL EBT-ADJUSTED | MILLION USD | $687 | $741 | -$54 | -7.3% |
| GAAP METRICS | |||||
| NET REVENUE | BILLION USD | $48,757 | $44,131 | +$4,626 | +10.5% |
| NET INCOME ATTRIBUTED TO STOCKHOLDERS | BILLION USD | $3,056 | $3,064 | $-8 | -0.3% |
| NET INCOME MARGIN | PERCENT | 6.3% | 6.9% | -6 PPTS | N/A |
| EARNINGS PER SHARE (EPS) DILUTED1 | USD PER SHARE | $2.68 | $2.20 | +$0.48 | +21.8% |
| NON GAAP METRICS | |||||
| EBIT-ADJUSTED | BILLION USD | $4,115 | $3,564 | +$551 | +15.5% |
| EBIT-ADJUSTED MARGIN | PERCENT | 8.4% | 8.1% | +0.3 PPTS | N/A |
| AUTOMOTIVE OPERATING CASH FLOW | BILLION USD | $7,863 | $6,794 | +$1,069 | +15.7% |
| ADJUSTED AUTOMOTIVE FREE CASH FLOW | BILLION USD | $5,834 | $4,910 | +$924 | +18.8% |
| EPS DILUTED - ADJUSTED1 | BILLION USD | $2.96 | $2.28 | +$0.68 | +29.8% |
| DELIVERIES | MILLIONS OF VEHICLES | 1,475 | 1,617 | -142K | -8.8% |
| GLOBAL MARKET SHARE (IN GM MARKETS) | PERCENT | 8.1% | 9.0% | -0.9 PPTS | N/A |
| DIVISIONAL RESULTS | |||||
| GM NORTH AMERICA EBIT-ADJUSTED | BILLION USD | $3,982 | $3,526 | +$456 | +12.9% |
| GM INTERNATIONAL EBIT-ADJUSTED | MILLION USD | $42.0 | $357 | -$315 | -88.2% |
| GM CHINA EQUITY INCOME | MILLION USD | -$137 | $192.0 | -$329 | -171.4% |
Earnings
Earnings Before Interest and Taxes, adjusted (EBIT-adjusted) was $4.115 billion, up 15.5 percent or $551 million compared to the $3.564 billion during the year-ago quarter. Net income margin was 6.9 percent, down 6 percentage points, and EBIT-adjusted margin was 8.1 percent, up 0.3 percentage points versus 8.1 percent during the third quarter of 2023.
Global Sales & Share
GM recorded 1.475 million vehicle deliveries globally during the quarter, down 8.8 percent or around 142K units compared to the 1,617 million deliveries during the same time frame a year ago.
GM Q3 2024 Global Deliveries
Vehicle sales in hundreds of thousands of units (000)| Q3 2024 / Q3 2023 | Q3 2024 | Q3 2023 | |
|---|---|---|---|
| Global Deliveries | -8.8% | 1,475 | 1,617 |
| North America | -0.8% | 790 | 796 |
| - U.S.A | -2.1% | 660 | 674 |
| Asia/Pacific, Middle East and Africa | -17.8% | 576 | 701 |
| - China | -21.4% | 426 | 542 |
| South America | -8.3% | 110 | 120 |
| - Brazil | -5.7% | 82 | 87 |
GM’s global market share in markets where it competes was 8.1 percent during Q3 2024, down 0.9 percentage points from 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:
- $41.2 billion in revenue vs. $36.1 billion in the year-ago quarter
- $4.0 billion EBIT-adjusted vs. $3.5 billion in the year-ago quarter
- 893K vehicle deliveries vs. 810K in the year-ago quarter
- U.S. dealer inventory was at 627K units vs. 443K in the year-ago quarter
- U.S. GM EV sales totaled 32.1K units for 9.8 percent EV market share vs. 20.1K units and 6.6 percent market share in the year-ago quarter
GM Q3 2024 Earnings By Region
| GMNA | GMI | GM China JV | |
|---|---|---|---|
| Net Revenue | $41.2 Billion | $3.5 Billion | $4.5 Billion |
| Wholesales | 790K | 140K | 372K |
| EBIT-Adjusted | $4.0 Billion | $200 Million | -$100 Million |
| EBIT-Adjusted Margin | 9.7% | 5.1% | 6.3% |
Chevrolet Onix Hatchback offered in South America and China
GM International
GM International (GMI), which does not include GM China joint venture earnings, posted:
- $3.5 billion in revenue vs. $4.3 billion in the year-ago quarter
- $0.2 billion EBIT-adjusted for an EBIT-adjusted margin of 5.1 percent vs. $0.2 billion EBIT-adjusted and an EBIT-adjusted margin of 3.8 percent in the year-ago quarter
- 140K vehicle wholesales vs. 171K in the year-ago quarter
Buick Verano Pro offered in China
GM China Auto Joint Venture
GM China auto joint venture posted:
- $4.5 billion in net revenue vs. $7.9 billion in the year-ago quarter
- Negative $0.1 billion in equity income vs. $0.2 billion in the year-ago quarter
- GM states that the loss was driven by intense competition in challenging market conditions, partially mitigated by proactive measures to optimize inventory levels through production control
- 372K vehicle wholesales vs. 590K in the year-ago quarter
Cruise Origin robo-taxi
GM Cruise
Cruise, the purpose of which is to develop and bring 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 $0.7 billion in the year-ago quarter
- The $0.3 billion expense decrease was driven by cost reduction activities and a more focused operational plan
Cadillac Lyriq
GM Financial
GM Financial, General Motors’ captive finance arm, posted:
- $0.7 billion EBT-adjusted and a 16.4 percent Return on Average Tangible Common Equity (RATCE) vs. $0.7 billion and 18.0 percent RATCE in the year-ago quarter
- $33.3 billion in liquidity and 8.69x Leverage Ratio vs. $28.7 billion and 8.16x Leverage Ratio in the year-ago quarter
- $124.3 billion in ending earning assets vs. $115.0 billion in the year-ago quarter
- GM Financial accounted for 38.9 percent of GM U.S. retail sales (by units) vs. 40.8 percent in the year-ago quarter
- GM Financial paid $450 million dividend to GM during Q3 2024
GMC Sierra 1500 AT4X
Guidance
GM updated its 2024 full-year earnings guidance, raising expectations for 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.
GM 2024 CY Guidance
| Unit | Guidance - October 22, 2024 | Guidance - April 23, 2024 | |
|---|---|---|---|
| Net income attributable to stockholders | Billion USD | $10.4-11.1 | $10.0-11.4 |
| Income tax expense | Billion USD | $2.4-2.7 | $2.2-2.8 |
| Automotive interest income, net | Million USD | -$100 | -$100 |
| Adjustments | Billion USD | $1.3 | $0.9 |
| EBIT-adjusted | Billion USD | $14.0-15.0 | $13.0-15.0 |
GMC Hummer EV SUV (left) and GMC Hummer EV Pickup (right)
Dividend
In conjunction with the GM Q3 2024 earnings report, the automaker has declared a fourth quarter 2024 dividend in the amount of $0.12 per share on each share of the company’s outstanding stock.
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Comments
Revenue up but profit flat. Hmmm…
Revenue is the money a business earns by selling a product or service, and profit is the money a business keeps after accounting for all the expenses involved in generating the revenue.
And ICE sales collapsing while EV sales are growing.