Exhibit 99.1
For Release: Nov. 9, 2011, 7:30 a.m. EST
GM Reports Net Income of $1.7 Billion
Net income of $1.03 per share; EBIT-adjusted of $2.2 billion
DETROIT – General Motors Co. (NYSE: GM) today announced third quarter net income attributable to common stockholders of $1.7 billion, or $1.03 per fully-diluted share. In the third quarter of 2010, GM’s net income attributable to common stockholders was $2.0 billion, or $1.20 per fully-diluted share.
Net revenue increased $2.6 billion to $36.7 billion, compared with the third quarter of 2010. Earnings before interest and tax (EBIT) adjusted was $2.2 billion, compared with $2.3 billion in the third quarter of 2010. There were no special items in either period.
“GM delivered a solid quarter thanks to our leadership positions in North America and China, where we have grown both sales and market share this year. But solid isn’t good enough, even in a tough global economy,” said Dan Akerson, chairman and CEO. “Our overall results underscore the work we have to do to leverage our scale and further improve our margins everywhere we do business.”
GM Results Overview(in billions except for per share amounts)
| Q3 2010 | Q3 2011 | |||||||
Revenue | $ | 34.1 | $ | 36.7 | ||||
Net income attributable to common stockholders | $ | 2.0 | $ | 1.7 | ||||
Earnings per share (EPS) diluted | $ | 1.20 | $ | 1.03 | ||||
EBIT-adjusted | $ | 2.3 | $ | 2.2 | ||||
Special items | $ | 0 | $ | 0 | ||||
Automotive net cash flow from operating activities | $ | 2.6 | $ | 1.8 | ||||
Automotive free cash flow | $ | 1.4 | $ | 0.3 | ||||
| • | GM North America (GMNA) reported EBIT-adjusted of $2.2 billion, an improvement of $0.1 billion compared with the third quarter of 2010. |
| • | GM Europe (GME) reported an EBIT-adjusted loss of $0.3 billion, an improvement of $0.3 billion compared with the third quarter of 2010. |
| • | GM International Operations (GMIO) reported EBIT-adjusted of $0.4 billion, down $0.1 billion from the third quarter of 2010. |
| • | GM South America (GMSA) reported breakeven results on an EBIT-adjusted basis, down $0.2 billion from the third quarter of 2010. |
For the quarter, automotive cash flow from operating activities was $1.8 billion and automotive free cash flow was $0.3 billion.
GM ended the quarter with very strong total automotive liquidity of $38.8 billion. Automotive cash and marketable securities, including Canadian Health Care Trust restricted cash, was $33.0 billion compared with $33.8 billion at the end of the second quarter of 2011.
Based on current industry outlook, the company expects EBIT-adjusted results in the fourth quarter of 2011 will be similar to the fourth quarter of 2010 as a result of seasonal trends in North America and weakness in Europe. GM also expects to record a special item in the fourth quarter to recognize a $800 million non-cash settlement gain related to a Canadian Health Care Trust settlement.
Calendar-year EBIT-adjusted for 2011 is expected to show solid improvement over 2010, as previously indicated. However, the company does not expect to achieve its target to break even on an EBIT-adjusted basis before restructuring charges in Europe, due to deteriorating economic conditions.
“GM continues to execute the plan we outlined for investors in 2010,” said Dan Ammann, senior vice president and CFO. “That includes investing in our products, further strengthening our balance sheet, generating cash and profits each quarter, and maintaining our low break-even level. The next level of performance will come as we systematically eliminate complexity and cost throughout the organization.”
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world’s largest and fastest-growing automotive markets. GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Daewoo, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found athttp://www.gm.com.
| Contacts: | ||
| Jim Cain | Randy Arickx | |
| Office 313-667-7758 | Office 313-667-0006 | |
| Cell 313-407-2843 | Cell 313-268-7070 | |
| ames.cain@gm.com | randy.c.arickx@gm.com |
Forward-Looking Statements
In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt, including as required to fund our planned significant investment in new technology; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; and our ability to continue to attract new customers, particularly for our new products. GM’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
2
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts for securities analysts include earnings before interest and taxes (EBIT), EBIT adjusted and Automotive free cash flow which are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM’s independent auditors. EBIT, EBIT adjusted and Automotive free cash flow are considered non-GAAP financial measures.
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM’s operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons and benchmark performance among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM’s core operations and they are therefore used by management in its financial and operational decision-making.
While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP and there are limitations associated with their use. GM’s calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in their method of calculation. As a result, the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to common stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.
The following table summarizes the reconciliation of EBIT to its most comparable U.S. GAAP measure (dollars in millions):
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Operating segments | ||||||||||||||||
GMNA(a) | $ | 2,195 | $ | 2,125 | $ | 7,342 | $ | 4,935 | ||||||||
GME(a)(b) | (292 | ) | (559 | ) | (580 | ) | (1,196 | ) | ||||||||
GMIO(a)(b) | 365 | 516 | 1,418 | 1,928 | ||||||||||||
GMSA(a)(b) | (44 | ) | 163 | 103 | 623 | |||||||||||
GM Financial(c) | 178 | — | 452 | — | ||||||||||||
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Total operating segments | 2,402 | 2,245 | 8,735 | 6,290 | ||||||||||||
Corporate and eliminations | (199 | ) | 30 | (45 | ) | (158 | ) | |||||||||
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EBIT(c) | 2,203 | 2,275 | 8,690 | 6,132 | ||||||||||||
Interest income | 112 | 125 | 363 | 329 | ||||||||||||
Automotive interest expense | 101 | 263 | 405 | 850 | ||||||||||||
Income tax expense (benefit) | 107 | (25 | ) | 183 | 845 | |||||||||||
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Net income attributable to stockholders | 2,107 | 2,162 | 8,465 | 4,766 | ||||||||||||
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Less: cumulative dividends on preferred stock | 215 | 203 | 644 | 608 | ||||||||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | 166 | — | 708 | — | ||||||||||||
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Net income attributable to common stockholders | $ | 1,726 | $ | 1,959 | $ | 7,113 | $ | 4,158 | ||||||||
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| (a) | Interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM’s automotive operating segments between EBIT and Net income attributable to stockholders. |
| (b) | In the year ended December 31, 2010 GM changed its managerial and financial reporting structure so that certain entities geographically located within Russia and Uzbekistan were transferred from GM’s GME segment to GM’s GMIO segment and certain entities geographically located in Brazil, Argentina, Colombia, Ecuador, Venezuela, Bolivia, Chile, Paraguay, Peru and Uruguay were transferred from GM’s GMIO segment to GM’s newly created GMSA segment. GM has retrospectively revised the segment presentation for all periods presented. |
| (c) | GM Financial amounts represent income before income taxes. GM Financial was not a subsidiary for the three and nine months ended September 30, 2010. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following table summarizes the reconciliation of EBIT adjusted to EBIT (dollars in millions):
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
EBIT adjusted (a) | $ | 2,203 | $ | 2,275 | $ | 7,207 | $ | 6,009 | ||||||||
Special items | — | — | 1,483 | 123 | ||||||||||||
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EBIT(a) | $ | 2,203 | $ | 2,275 | $ | 8,690 | $ | 6,132 | ||||||||
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| (a) | GM Financial amounts included in EBIT and EBIT adjusted represent income before income taxes. |
Special Items
In the nine months ended September 30, 2011 special items included:
| • | Gain of $1.6 billion in GMNA related to the sale of GM’s Class A Membership Interests in Delphi Automotive LLP; |
| • | Gain of $339 million in Corporate related to the sale of 100% of the Ally Financial Preferred Stock; |
| • | Impairment charge of $395 million in GME related to goodwill; and |
| • | Charge of $106 million in GMIO related to GM’s India joint venture. |
In the nine months ended September 30, 2010 special items included a gain of $123 million in GME related to the sale of Saab Automobile AB to Spyker Cars NV.
The following table summarizes the reconciliation of Automotive free cash flow to Automotive Net cash provided by operating activities (dollars in millions):
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Automotive | ||||||||||||||||
Free cash flow | $ | 258 | $ | 1,363 | $ | 2,129 | $ | 5,207 | ||||||||
Capital expenditures | 1,571 | 1,261 | 4,065 | 3,112 | ||||||||||||
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Net cash provided by operating activities | $ | 1,829 | $ | 2,624 | $ | 6,194 | $ | 8,319 | ||||||||
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2
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize selected data by segment (dollars in millions):
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2011 | ||||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 21,884 | $ | 6,151 | $ | 6,294 | $ | 4,418 | $ | 20 | $ | (2,439 | ) | $ | 36,328 | $ | 391 | $ | — | $ | 36,719 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 882 | $ | 329 | $ | 115 | $ | 110 | $ | 11 | $ | — | $ | 1,447 | $ | 24 | $ | — | $ | 1,471 | ||||||||||||||||||||
Equity income, net of tax and gain on disposal of investments | $ | 1 | $ | — | $ | 376 | $ | — | $ | — | $ | — | $ | 377 | $ | — | $ | — | $ | 377 | ||||||||||||||||||||
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2011 | ||||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 67,122 | $ | 20,480 | $ | 18,337 | $ | 12,677 | $ | 50 | $ | (7,396 | ) | $ | 111,270 | $ | 1,016 | $ | — | $ | 112,286 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 2,849 | $ | 1,043 | $ | 354 | $ | 341 | $ | 37 | $ | — | $ | 4,624 | $ | 57 | $ | — | $ | 4,681 | ||||||||||||||||||||
Equity income, net of tax and gain on disposal of investments(a) | $ | 1,733 | $ | — | $ | 1,170 | $ | — | $ | — | $ | — | $ | 2,903 | $ | — | $ | — | $ | 2,903 | ||||||||||||||||||||
| (a) | Includes a gain of $1.6 billion in GMNA recorded on the sale of GM’s Class A Membership Interests in Delphi Automotive LLP. |
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | Total | |||||||||||||||||||||||||
Three Months Ended September 30, 2010 | ||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 21,493 | $ | 5,657 | $ | 5,101 | $ | 3,996 | $ | 33 | $ | (2,220 | ) | $ | 34,060 | $ | 34,060 | |||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,161 | $ | 357 | $ | 95 | $ | 110 | $ | 15 | $ | — | $ | 1,738 | $ | 1,738 | ||||||||||||||||
Equity income, net of tax and gain on disposal of investments | $ | 22 | $ | — | $ | 328 | $ | — | $ | 1 | $ | — | $ | 351 | $ | 351 | ||||||||||||||||
| GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | Total | |||||||||||||||||||||||||
Nine Months Ended September 30, 2010 | ||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 61,045 | $ | 17,162 | $ | 15,417 | $ | 10,928 | $ | 110 | $ | (5,952 | ) | $ | 98,710 | $ | 98,710 | |||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 3,384 | $ | 1,101 | $ | 254 | $ | 371 | $ | 81 | $ | — | $ | 5,191 | $ | 5,191 | ||||||||||||||||
Equity income (loss), net of tax and gain on disposal of investments | $ | 97 | $ | 11 | $ | 1,058 | $ | (3 | ) | $ | 2 | $ | — | $ | 1,165 | $ | 1,165 | |||||||||||||||
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following tables summarize worldwide employment and payroll:
| September 30, 2011 | December 31, 2010 | |||||||
Worldwide Employment (in thousands) | ||||||||
GMNA | 100 | 96 | ||||||
GME | 40 | 40 | ||||||
GMIO | 34 | 32 | ||||||
GMSA | 33 | 31 | ||||||
GM Financial | 3 | 3 | ||||||
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Total Worldwide | 210 | 202 | ||||||
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U.S. – Salaried | 29 | 28 | ||||||
U.S. – Hourly | 50 | 49 | ||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Worldwide Payroll (in billions) | $ | 3.5 | $ | 3.2 | $ | 10.4 | $ | 9.2 | ||||||||
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Production Volume (units in thousands)(a) | ||||||||||||||||
GMNA – Cars | 267 | 215 | 860 | 737 | ||||||||||||
GMNA – Trucks | 473 | 492 | 1,490 | 1,369 | ||||||||||||
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Total GMNA | 740 | 707 | 2,350 | 2,106 | ||||||||||||
GME | 270 | 286 | 940 | 921 | ||||||||||||
GMIO – Consolidated Entities | 253 | 235 | 820 | 751 | ||||||||||||
GMIO – Joint Ventures(b) | 715 | 631 | 2,117 | 1,982 | ||||||||||||
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Total GMIO | 968 | 866 | 2,937 | 2,733 | ||||||||||||
GMSA | 243 | 245 | 721 | 685 | ||||||||||||
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Total Worldwide | 2,221 | 2,104 | 6,948 | 6,445 | ||||||||||||
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| (a) | Production volume includes vehicles produced by certain joint ventures. |
| (b) | The joint venture agreements with SGMW and FAW-GM allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture production in China. |
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2011 | 2010(a) | 2011 | 2010(a)(b) | |||||||||||||
Vehicle Sales (units in thousands)(c)(d)(e) | ||||||||||||||||
United States | ||||||||||||||||
Chevrolet – Cars | 183 | 154 | 613 | 503 | ||||||||||||
Chevrolet – Trucks | 266 | 239 | 741 | 673 | ||||||||||||
Cadillac | 37 | 40 | 113 | 105 | ||||||||||||
Buick | 46 | 44 | 140 | 114 | ||||||||||||
GMC | 108 | 80 | 295 | 232 | ||||||||||||
Other | — | 1 | — | 12 | ||||||||||||
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Total United States | 641 | 558 | 1,902 | 1,639 | ||||||||||||
Canada, Mexico and Other | 104 | 102 | 311 | 302 | ||||||||||||
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Total GMNA | 745 | 660 | 2,213 | 1,940 | ||||||||||||
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GME | ||||||||||||||||
Opel/Vauxhall | 279 | 273 | 938 | 881 | ||||||||||||
Chevrolet | 127 | 115 | 379 | 348 | ||||||||||||
Other | 1 | 1 | 2 | 7 | ||||||||||||
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Total GME | 407 | 389 | 1,319 | 1,236 | ||||||||||||
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GMIO | ||||||||||||||||
Chevrolet | 282 | 217 | 814 | 651 | ||||||||||||
Wuling | 279 | 272 | 884 | 909 | ||||||||||||
Buick | 170 | 147 | 495 | 402 | ||||||||||||
GM Daewoo | 1 | 30 | 17 | 90 | ||||||||||||
Holden | 35 | 34 | 102 | 107 | ||||||||||||
FAW-GM | 12 | 17 | 42 | 67 | ||||||||||||
GMC | 11 | 8 | 30 | 25 | ||||||||||||
Cadillac | 9 | 6 | 26 | 16 | ||||||||||||
Other | 17 | 12 | 47 | 34 | ||||||||||||
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Total GMIO(f)(g) | 816 | 745 | 2,457 | 2,301 | ||||||||||||
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GMSA | ||||||||||||||||
Chevrolet | 276 | 265 | 792 | 731 | ||||||||||||
Other | 1 | 2 | 7 | 9 | ||||||||||||
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Total GMSA | 277 | 268 | 799 | 740 | ||||||||||||
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Total Worldwide | 2,245 | 2,062 | 6,788 | 6,218 | ||||||||||||
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| (a) | Includes HUMMER, Saturn and Pontiac vehicle sales data. |
| (b) | Includes Saab Automobile AB (Saab) vehicle sales data through February 2010. |
| (c) | Vehicle sales data may not foot due to rounding differences. |
| (d) | Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies. |
| (e) | GMNA vehicle sales primarily represent sales to the ultimate customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the ultimate customer. In countries where end customer data is not readily available other data sources, such as wholesale volumes, are used to estimate vehicle sales. |
| (f) | Includes the following joint venture vehicle sales (units in thousands): |
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Joint venture sales in China | ||||||||||||||||
SGM | 306 | 262 | 906 | 742 | ||||||||||||
SGMW and FAW-GM | 312 | 304 | 983 | 1,031 | ||||||||||||
Joint venture sales in India | ||||||||||||||||
HKJV | 29 | 24 | 84 | 74 | ||||||||||||
| (g) | The joint venture agreements with SGMW and FAW-GM allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture vehicle sales in China as part of GM’s global market share. |
6
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2011 | 2010(a) | 2011 | 2010(a)(b) | |||||||||||||
Market Share(c)(d)(e) | ||||||||||||||||
United States – Cars | 15.7 | % | 13.9 | % | 16.6 | % | 14.6 | % | ||||||||
United States – Trucks | 23.0 | % | 22.4 | % | 22.3 | % | 22.6 | % | ||||||||
Total United States | 19.7 | % | 18.3 | % | 19.6 | % | 18.7 | % | ||||||||
Total GMNA | 18.8 | % | 17.7 | % | 18.8 | % | 18.1 | % | ||||||||
Total GME | 8.8 | % | 8.9 | % | 8.8 | % | 8.7 | % | ||||||||
Total GMIO(f)(g) | 9.4 | % | 8.7 | % | 9.4 | % | 8.8 | % | ||||||||
Total GMSA | 18.7 | % | 19.8 | % | 18.9 | % | 20.0 | % | ||||||||
Total Worldwide | 12.0 | % | 11.4 | % | 11.9 | % | 11.4 | % | ||||||||
U.S. Retail/Fleet Mix | ||||||||||||||||
% Fleet Sales – Cars | 29.9 | % | 33.4 | % | 32.9 | % | 38.9 | % | ||||||||
% Fleet Sales – Trucks | 24.9 | % | 20.3 | % | 25.1 | % | 24.7 | % | ||||||||
Total Vehicles | 27.3 | % | 26.6 | % | 29.3 | % | 32.0 | % | ||||||||
GMNA Capacity Utilization(h) | 92.6 | % | 90.2 | % | 98.1 | % | 89.5 | % | ||||||||
| (a) | Includes HUMMER, Saturn and Pontiac vehicle sales data. |
| (b) | Includes GM Saab vehicle sales data through February 2010. |
| (c) | Market share information is based on vehicle sales volume. |
| (d) | Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies. |
| (e) | GMNA vehicle sales primarily represent sales to the ultimate customer. GME, GMIO and GMSA vehicle sales primarily represent estimated sales to the ultimate customer. In countries where end customer data is not readily available other data sources, such as wholesale volumes, are used to estimate vehicle sales. |
| (f) | Includes the following joint venture vehicle sales (units in thousands): |
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Joint venture sales in China | ||||||||||||||||
SGM | 306 | 262 | 906 | 742 | ||||||||||||
SGMW and FAW-GM | 312 | 304 | 983 | 1,031 | ||||||||||||
Joint venture sales in India | ||||||||||||||||
HKJV | 29 | 24 | 84 | 74 | ||||||||||||
| (g) | The joint venture agreements with SGMW and FAW-GM allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture vehicle sales in China as part of GM’s global market share. |
| (h) | Two shift rated. |
7
General Motors Company and Subsidiaries
Condensed Consolidated Income Statements
(In millions)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
Net sales and revenue | ||||||||||||||||
Automotive sales and revenue | $ | 36,328 | $ | 34,060 | $ | 111,270 | $ | 98,710 | ||||||||
GM Financial revenue | 391 | — | 1,016 | — | ||||||||||||
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Total net sales and revenue | 36,719 | 34,060 | 112,286 | 98,710 | ||||||||||||
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Costs and expenses | ||||||||||||||||
Automotive cost of sales | 31,734 | 29,587 | 97,212 | 85,750 | ||||||||||||
GM Financial operating and other expenses | 212 | — | 563 | — | ||||||||||||
Automotive selling, general and administrative expense | 2,942 | 2,710 | 8,860 | 8,017 | ||||||||||||
Other automotive expenses, net | 25 | 30 | 50 | 115 | ||||||||||||
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Total costs and expenses | 34,913 | 32,327 | 106,685 | 93,882 | ||||||||||||
Goodwill impairment charges | — | — | 395 | — | ||||||||||||
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Operating income | 1,806 | 1,733 | 5,206 | 4,828 | ||||||||||||
Automotive interest expense | 101 | 263 | 405 | 850 | ||||||||||||
Interest income and other non-operating income, net | 152 | 377 | 1,064 | 734 | ||||||||||||
Loss on extinguishment of debt | 35 | — | 45 | 1 | ||||||||||||
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Income before income taxes and equity income | 1,822 | 1,847 | 5,820 | 4,711 | ||||||||||||
Income tax expense (benefit) | 107 | (25 | ) | 183 | 845 | |||||||||||
Equity income, net of tax and gain on disposal of investments | 377 | 351 | 2,903 | 1,165 | ||||||||||||
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Net income | 2,092 | 2,223 | 8,540 | 5,031 | ||||||||||||
Net (income) loss attributable to noncontrolling interests | 15 | (61 | ) | (75 | ) | (265 | ) | |||||||||
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Net income attributable to stockholders | $ | 2,107 | $ | 2,162 | $ | 8,465 | $ | 4,766 | ||||||||
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Net income attributable to common stockholders | $ | 1,726 | $ | 1,959 | $ | 7,113 | $ | 4,158 | ||||||||
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8
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three and nine months ended September 30, 2011 GM was required to use the two-class method for calculating earnings per share as the applicable market value of our common stock was below $33.00 per common share in the period ended September 30, 2011.
The following table summarizes basic and diluted earnings per share for three and nine months ended September 30, 2011 (in millions, except per share amounts):
| Basic | Diluted | |||||||||||||||
| Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, 2011 | September 30, 2011 | September 30, 2011 | September 30, 2011 | |||||||||||||
Net income attributable to common stockholders | ||||||||||||||||
Net income attributable to stockholders | $ | 2,107 | $ | 8,465 | $ | 2,107 | $ | 8,465 | ||||||||
Less: cumulative dividends on preferred stock and undistributed earnings allocated to Series B Preferred Stock participating security(a) | 381 | 1,352 | 371 | 1,295 | ||||||||||||
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Net income attributable to common stockholders | $ | 1,726 | $ | 7,113 | $ | 1,736 | $ | 7,170 | ||||||||
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Weighted-average shares outstanding | ||||||||||||||||
Weighted-average common shares outstanding | 1,562 | 1,524 | 1,562 | 1,524 | ||||||||||||
Dilutive effect of warrants | — | — | 119 | 142 | ||||||||||||
Dilutive effect of restricted stock units | — | �� | — | 1 | 2 | |||||||||||
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Weighted-average common shares outstanding-diluted | 1,562 | 1,524 | 1,682 | 1,668 | ||||||||||||
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Earnings per share | $ | 1.10 | $ | 4.67 | $ | 1.03 | $ | 4.30 | ||||||||
| (a) | Includes cumulative dividends on preferred stock of $215 million and $644 million in the three and nine months ended September 30, 2011. Earnings of $166 million and $708 million for the three and nine months ended September 30, 2011 have been allocated to the Series B Preferred Stock holders for the basic earnings per share calculation. Earnings of $156 million and $651 million for the three and nine months ended September 30, 2011 have been allocated to the Series B Preferred Stock holders for the diluted earnings per share calculation. |
The following table summarizes basic and diluted earnings per share for three and nine months ended September 30, 2010 (in millions, except per share amounts):
| Basic | Diluted | |||||||||||||||
| Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, 2010 | September 30, 2010 | September 30, 2010 | September 30, 2010 | |||||||||||||
Net income attributable to common stockholders | ||||||||||||||||
Net income attributable to stockholders | $ | 2,162 | $ | 4,766 | $ | 2,162 | $ | 4,766 | ||||||||
Less: cumulative dividends on preferred stock | 203 | 608 | 203 | 608 | ||||||||||||
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Net income attributable to common stockholders | $ | 1,959 | $ | 4,158 | $ | 1,959 | $ | 4,158 | ||||||||
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Weighted-average shares outstanding | ||||||||||||||||
Weighted-average common shares outstanding | 1,500 | 1,500 | 1,500 | 1,500 | ||||||||||||
Dilutive effect of warrants | — | — | 130 | 88 | ||||||||||||
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Weighted-average common shares outstanding-diluted | 1,500 | 1,500 | 1,630 | 1,588 | ||||||||||||
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Earnings per share | $ | 1.31 | $ | 2.77 | $ | 1.20 | $ | 2.62 | ||||||||
9
General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
| September 30, 2011 | December 31, 2010 | |||||||
| ASSETS | ||||||||
Automotive Current Assets | ||||||||
Cash and cash equivalents | $ | 20,297 | $ | 21,061 | ||||
Marketable securities | 11,680 | 5,555 | ||||||
Accounts and notes receivable (net of allowance of $332 and $252) | 10,512 | 8,699 | ||||||
Inventories | 15,220 | 12,125 | ||||||
Equipment on operating leases, net | 3,467 | 2,568 | ||||||
Other current assets and deferred income taxes | 2,834 | 3,045 | ||||||
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Total current assets | 64,010 | 53,053 | ||||||
Automotive Non-current Assets | ||||||||
Equity in net assets of nonconsolidated affiliates | 7,534 | 8,529 | ||||||
Property, net | 21,556 | 19,235 | ||||||
Goodwill | 28,605 | 30,513 | ||||||
Intangible assets, net | 10,498 | 11,882 | ||||||
Other assets and deferred income taxes | 3,969 | 4,754 | ||||||
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| |||||
Total non-current assets | 72,162 | 74,913 | ||||||
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| |||||
Total Automotive Assets | 136,172 | 127,966 | ||||||
GM Financial Assets | ||||||||
Finance receivables, net (including gross finance receivables transferred to SPEs of $8,433 and $7,156) | 8,918 | 8,197 | ||||||
Restricted cash | 1,124 | 1,090 | ||||||
Goodwill | 1,278 | 1,265 | ||||||
Other assets (including leased assets, net transferred to SPEs of $101 and $0) | 1,005 | 380 | ||||||
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| |||||
Total GM Financial Assets | 12,325 | 10,932 | ||||||
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| |||||
Total Assets | $ | 148,497 | $ | 138,898 | ||||
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| |||||
| LIABILITIES AND EQUITY | ||||||||
Automotive Current Liabilities | ||||||||
Accounts payable (principally trade) | $ | 25,646 | $ | 21,497 | ||||
Short-term debt and current portion of long-term debt (including certain debt at GM Korea of $130 and $70) | 1,543 | 1,616 | ||||||
Accrued liabilities (including derivative liabilities at GM Korea of $63 and $111) | 24,559 | 24,044 | ||||||
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| |||||
Total current liabilities | 51,748 | 47,157 | ||||||
Automotive Non-current Liabilities | ||||||||
Long-term debt (including certain debt at GM Korea of $8 and $835) | 2,667 | 3,014 | ||||||
Postretirement benefits other than pensions | 8,842 | 9,294 | ||||||
Pensions | 18,684 | 21,894 | ||||||
Other liabilities and deferred income taxes | 12,684 | 13,021 | ||||||
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| |||||
Total non-current liabilities | 42,877 | 47,223 | ||||||
|
|
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| |||||
Total Automotive Liabilities | 94,625 | 94,380 | ||||||
GM Financial Liabilities | ||||||||
Securitization notes payable | 6,902 | 6,128 | ||||||
Credit facilities | 553 | 832 | ||||||
Other liabilities | 801 | 399 | ||||||
|
|
|
| |||||
Total GM Financial Liabilities | 8,256 | 7,359 | ||||||
|
|
|
| |||||
Total Liabilities | 102,881 | 101,739 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Preferred stock, $0.01 par value, 2,000,000,000 shares authorized: | ||||||||
Series A (276,101,695 shares issued and outstanding (each with a $25.00 liquidation preference) at September 30, 2011 and December 31, 2010) | 5,536 | 5,536 | ||||||
Series B (100,000,000 shares issued and outstanding (each with a $50.00 liquidation preference) at September 30, 2011 and December 31, 2010) | 4,855 | 4,855 | ||||||
Common stock, $0.01 par value (5,000,000,000 shares authorized, 1,564,366,673 shares issued and outstanding at September 30, 2011 and 1,500,136,998 shares issued and outstanding at December 31, 2010) | 16 | 15 | ||||||
Capital surplus (principally additional paid-in capital) | 26,330 | 24,257 | ||||||
Retained earnings | 6,595 | 266 | ||||||
Accumulated other comprehensive income | 1,412 | 1,251 | ||||||
|
|
|
| |||||
Total stockholders’ equity | 44,744 | 36,180 | ||||||
Noncontrolling interests | 872 | 979 | ||||||
|
|
|
| |||||
Total Equity | 45,616 | 37,159 | ||||||
|
|
|
| |||||
Total Liabilities and Equity | $ | 148,497 | $ | 138,898 | ||||
|
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10