General Motors Company (GM) Q4 2013 earnings summary

Executive summary

• FY2013 revenue was $155.4B and adjusted EBIT rose to $8.6B from $7.9B; net income to common stockholders fell to $3.8B from $4.9B.

• Global deliveries reached 9.7M, up from 9.3M; global market share held at 11.5%.

• Q4 adjusted EBIT increased to $1.9B from $1.2B; net income remained $0.9B.

Financial highlights

• FY revenue was $155.4B versus $152.3B; GAAP operating income was $5.1B, compared with a $30.4B loss in 2012.

• FY net income to common stockholders was $3.8B and diluted EPS was $2.38; special items reduced them by $1.3B and $0.80 per share.

• Q4 revenue rose to $40.5B from $39.3B; diluted EPS was $0.57 versus $0.54.

• Automotive net cash from operating activities was $11.0B, up from $9.6B; adjusted automotive free cash flow was $3.7B versus $4.3B.

• FY adjusted EBIT included $0.4B of restructuring charges; Q4 included $0.2B.

Outlook and guidance

• FY 2014 adjusted EBIT was expected to improve modestly, with adjusted EBIT margin similar to 2013; restructuring was estimated at $1.1B.

• Improved underlying operating performance was expected to more than offset higher restructuring expense; GM Financial earnings were expected to be flat.

• Q1 earnings cadence was expected to differ from typical seasonality due to restructuring, weaker Venezuelan production, launch marketing costs, and GMIO launch-related volume and mix headwinds.

• 2014 capital expenditures were expected to be ~$7.5B; no voluntary U.S. defined-benefit pension contribution was planned.

• U.S. industry outlook was 16M–16.5M units; South America faced heightened downside risk from currency volatility and uncertainty in Venezuela and Argentina.