On October 24, 2023, General Motors Co (GM, Financial) released its third-quarter 2023 earnings report. Despite facing several challenges, the company reported a revenue of $44.1 billion, marking a 5.4% increase from the same period in 2022. However, net income attributable to stockholders decreased by 7.3% to $3.1 billion, and EBIT-adjusted was down 16.9% to $3.6 billion.
Financial Highlights
GM's financial achievements for the quarter include a 4.5% increase in automotive operating cash flow to $6.8 billion. Adjusted automotive free cash flow also saw a rise of 6.9% to $4.9 billion. Despite a decrease in net income and EBIT-adjusted, these figures demonstrate GM's resilience and strong cash flow.
Income Statement Overview
The company's earnings per share (EPS) diluted was $2.20, a slight decrease from $2.25 in Q3 2022. However, EPS-diluted-adjusted saw a small increase of 1.3% to $2.28. GM North America (GMNA) EBIT-adjusted was $3.5 billion, down 9.5% from the previous year. GM International (GMI) EBIT-adjusted was $357 million, up 6.9% from Q3 2022.
Balance Sheet and Cash Flow Statement Summary
GM's balance sheet shows a strong financial position, with automotive operating cash flow of $6.8 billion, a 4.5% increase from the same period last year. Adjusted automotive free cash flow also increased by 6.9% to $4.9 billion. These figures indicate the company's ability to generate cash and maintain liquidity.
Company's Performance Analysis
Despite the decrease in net income and EBIT-adjusted, GM demonstrated resilience with a strong cash flow. The increase in revenue and cash flow indicates the company's ability to navigate through challenges and maintain financial stability. However, the decrease in net income and EBIT-adjusted suggests areas for improvement in operational efficiency and profitability.
For more detailed financial information, please visit the GM Investor Relations website.
