General Motors Co., an American automotive company with a global presence, has reported strong second-quarter earnings while continuing to accelerate its EV and AV growth initiatives. 

 

The company prioritised production of its highest demand vehicles, gained significant retail market share in the full-size pickup segment in the United States and benefited from strong pricing and mix. 

 

Additionally, high used vehicle prices due to low new vehicle inventories drove continued record results at GM Financial, a statement from the company said.

 

Second-quarter 2021 results overview:

- Revenue of $34.2 billion

- Net income of $2.8 billion, and EBIT-adjusted of $4.1 billion, including warranty recall costs of $(1.3) billion, of which $(0.8) billion was related to the Chevrolet Bolt EV

- Net income margin of 8.3%, and EBIT-adjusted margin of 12%

- Automotive operating cash flow of $4.0 billion and adjusted automotive free cash flow of $2.5 billion

- EPS-diluted of $1.90, and EPS-diluted-adjusted of $1.97

- GM North America EBIT-adjusted of $2.9 billion, and EBIT-adjusted margin of 10.4%

- GM International EBIT-adjusted of $0.0 billion, including China Equity Income of $0.3 billion

- GM Financial EBT-adjusted of $1.6 billion

 

Second-quarter 2020 results overview:

- Revenue of $16.8 billion

- Net income (loss) of $(0.8) billion, and EBIT (loss)-adjusted of $(0.5) billion

- Net income (loss) margin of (4.5)%, and EBIT (loss)-adjusted margin of (3.2)%

- Automotive operating cash flow of $(8.0) billion, and adjusted automotive free cash flow of $(9.0) billion

- EPS-diluted of $(0.56), and EPS-diluted-adjusted of $(0.50)

- GM North America EBIT (loss)-adjusted of $(0.1) billion, and EBIT (loss)-adjusted margin of (0.9)%

- GM International EBIT (loss)-adjusted of $(0.3) billion, including China Equity Income of $0.2 billion

- GM Financial EBT-adjusted of $0.2 billion

 

2021 guidance

- Full-year EPS-diluted of between $5.12 and $6.12, and EPS-diluted-adjusted of between $5.40 and $6.40

- Full-year net income of between $7.7 billion and $9.2 billion, and EBIT-adjusted of between $11.5 billion and $13.5 billion-TradeArabia News Service