General Motors Company (GM) Q4 2012 earnings summary

Executive summary

• FY12 revenue rose 1.3% to $152.3B; net income attributable to common stockholders was $4.9B vs. $7.6B, and adjusted EBIT was $7.9B vs. $8.3B.

• Adjusted automotive free cash flow increased to $4.3B from $3.0B; automotive operating cash flow rose to $9.6B from $7.4B.

• Global deliveries reached 9.3M vs. 9.0M; year-end liquidity was $37.2B.

Financial highlights

• Q4 revenue was $39.3B vs. $38.0B; net income attributable to common stockholders was $0.9B vs. $0.5B, and diluted EPS was $0.54 vs. $0.28.

• Q4 adjusted EBIT was $1.2B vs. $1.1B; adjusted automotive free cash flow was $1.1B vs. a use of $0.2B.

• FY12 diluted EPS was $2.92 vs. $4.58; GAAP operating loss was $30.4B, including major non-cash impairment charges.

• FY12 special items reduced common-stockholder net income by $0.5B, or $0.32 per diluted share; FY12 adjusted EBIT included $0.4B of restructuring charges.

Outlook and guidance

• 2013 capital expenditures expected to be similar to FY12’s $8.1B; no mandatory U.S. qualified-plan contributions expected for at least five years, with no voluntary contributions planned for 2013.

• 2013 GAAP effective tax rate expected near 35%; cash taxes expected to be similar to 2012.

• GME expected $0.6B lower D&A in 2013, primarily from impairments, additive to prior outlook; mid-decade breakeven objective unchanged.

• Venezuelan currency devaluation expected to cause a $0.2B unfavorable Q1 2013 special-item impact.

• 2013 adjusted earnings expected to be more weighted to mid- and late-year; full-size SUV plant conversion downtime expected to affect Q1.