Barra: “Strong financial performance for the fourth quarter and full year of 2020, including several fourth-quarter records for operating results, and a record year for GM Financial.”
General Motors fourth quarter results have beaten analysts’ estimates of EPS by US$0.29 (at $1.91) and on revenue (up 21.7% year on year to $37.52bn, beating estimates by $1.23bn.
In a statement, GM itself said it booked “strong” 2020 full-year and fourth quarter earnings “despite production interruptions caused by the COVID-19 pandemic and the impact of the Takata airbag-inflator recall announced in November”.
Full-year 2020 highlights:
- EPS-diluted of $4.33, and EPS-diluted-adjusted of $4.90*
- Full-year income of $6.4bn, and EBIT-adjusted of $9.7bn
- Full-year EBIT-adjusted margin of 7.9 percent
- Full-year automotive operating cash flow of $7.5bn, and adjusted automotive free cash flow of $2.6bn
- GM North America full-year EBIT-adjusted of $9.1bn, and EBIT-adjusted margin of 9.4 percent
- GM International (GIDRX) full-year EBIT-adjusted of $(0.5)bn
- China Equity Income of $0.5bn
- Cruise full-year EBIT-adjusted of $(0.9)bn
- GM Financial reported record full-year EBT-adjusted of $2.7bn
Fourth-quarter 2020 highlights:
- EPS-diluted of $1.93, and EPS-diluted-adjusted of $1.93**
- Fourth-quarter income of $2.8bn, and EBIT-adjusted of $3.7bn
- Fourth-quarter EBIT-adjusted margin of 9.9 percent
- Fourth-quarter automotive operating cash flow of $5.2bn, and adjusted automotive free cash flow of $3.4bn
- GM North America fourth-quarter EBIT-adjusted of $2.6bn, and EBIT-adjusted margin of 8.7 percent
- GM International fourth-quarter EBIT-adjusted of $0.3bn
- China Equity Income of $0.2bn
- Cruise fourth-quarter EBIT-adjusted of $(0.3)bn
- GM Financial reported record fourth-quarter EBT-adjusted of $1.0bn
Full year EPS-diluted and EPS-diluted-adjusted included a $0.12 gain from investments in PSA, Lyft and Lordstown Motor Corporation (LMC), and a negative impact of $(0.59) from the Takata airbag-inflator recall.
Q4 EPS-diluted and EPS-diluted-adjusted include a $0.26 gain from investments in PSA and LMC, and a negative impact of ($0.59) from the Takata recall.
In a letter to shareholders, CEO Mary Barra said: “strong financial performance for the fourth quarter and full year of 2020, including several fourth-quarter records for operating results, and a record year for GM Financial. Our fourth-quarter net income was $2.8bn. For the full year, net income was $6.4bn.
“GM’s 2020 performance was remarkable by any measure, and even more so in a year when a global pandemic caused companies around the world – including GM – to temporarily suspend manufacturing operations to keep employees safe. Our dealers also took extraordinary steps to protect our customers, such as providing seamless online shopping, purchasing and delivery solutions.
“Chevrolet, GMC, Buick and Cadillac were especially well prepared when demand recovered faster than expected – Chevrolet and GMC with their outstanding full-size and midsize pickups; and all four brands with a mix of new small- and full-size SUVs, which we launched on time despite the pandemic.
“These products helped drive our largest year-over-year gain in total U.S. market share since 1990. Just as important, their profits are helping us create a new chapter for GM that is electric, connected, sustainable, inclusive and growth-oriented.”
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