GM Reports Strong First-Quarter 2021 Results

General Motors Co. (NYSE: GM) today reported first-quarter earnings driven by strong price and mix performance in North America, strong credit and residual value performance at GM Financial, and the industry recovery in China. The company is on track to deliver its full-year guidance provided in February as it works to manage through the semiconductor shortage, which is impacting automakers globally.

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GM Chairman and CEO Mary Barra's letter to shareholders
Detailed quarterly results with year-over-year comparisons

First-quarter 2021 results overview

Revenue of $32.5 billion
Net income of $3.0 billion, and EBIT-adjusted of $4.4 billion
Net income margin of 9.3 percent, and EBIT-adjusted margin of 13.6 percent
Automotive operating cash flow of $(1.1) billion, and adjusted automotive free cash flow of $(1.9) billion
EPS-diluted of $2.03, and EPS-diluted-adjusted of $2.25*
GM North America EBIT-adjusted of $3.1 billion, and EBIT-adjusted margin of 12.1 percent
GM International EBIT-adjusted of $0.3 billion, including China Equity Income of $0.3 billion
GM Financial EBT-adjusted of $1.2 billion

First-quarter 2020 results overview

Revenue of $32.7 billion
Net income of $0.3 billion, and EBIT-adjusted of $1.2 billion
Net income margin of 0.9 percent, and EBIT-adjusted margin of 3.8 percent
Automotive operating cash flow of $0.3 billion, and adjusted automotive free cash flow of $(0.9) billion
EPS-diluted of $0.17, and EPS-diluted-adjusted of $0.62**
GM North America EBIT-adjusted of $2.2 billion, and EBIT-adjusted margin of 8.5 percent
GM International EBIT-adjusted of $(0.6) billion, including China Equity Income of $(0.2) billion
GM Financial EBT-adjusted of $0.2 billion

2021 full-year guidance

EPS-diluted of between $4.28 and $5.03, and EPS-diluted-adjusted of between $4.50 and $5.25
Net income of between $6.8 billion and $7.6 billion, and EBIT-adjusted of between $10.0 billion and $11.0 billion

See below for reconciliations of GAAP measures to their most directly comparable non-GAAP measures or visit the GM Investor Relations website for complete details.

Conference call for investors and analysts

Barra and Chief Financial Officer Paul Jacobson will host a conference call for investors and analysts at 10 a.m. ET today to discuss these results and the company’s growth strategy. Introductory remarks will be followed by a question-and-answer session.

Those who wish to listen to the call may dial in using the following numbers: