General Motors Q3 Earnings – $2.9 Billion

General Motors Co. (NYSE: GM) today reported third-quarter earnings of $2.922 Billion. GM said it is on track to deliver full-year 2021 EBIT-adjusted earnings approaching the high end of its guidance range of $11.5B to $13 Billion. EBIT-adjusted was $2.9 billion, with a 10.9% margin. GM said Q3 was challenging due to continuing semiconductor pressures. However, it also includes strong results from GM Financial, the recall cost settlement with supplier and JV partner LG Electronics, and $0.3 billion in equity income from GM joint ventures in China.

“This year, GM is well-positioned to lead the U.S. industry in full-size pickup sales for the seventh consecutive year. And early next year, our pickups raise the bar even higher. The Chevrolet Silverado will offer truck buyers more choices, more technology and more off-road capability. GMC adds the new Sierra Denali Ultimate, the most advanced and luxurious truck in its class. Both Silverado and Sierra will offer Super Cruise with industry-first hands-free trailering, and achieve a 5.8-percent reduction in greenhouse gas emissions,” said Mary Barra, CEO.

Click to Enlarge.

By the end of the decade, GM said that connected vehicles and other new businesses will “drive more than $80 billion” in new, incremental revenue. At the same time, revenue from EVs is expected to grow from about $10 billion in 2023 to $90 billion!

GM 2021 Guidance

• Full-year EPS-diluted of between $5.52 and $6.52, and EPS-diluted-adjusted of between $5.70 and $6.70.
• Full-year net income of between $8.1 billion  and $9.6 billion, and EBIT-adjusted of between $11.5 billion and $13.5 billion