DETROIT, April 23, 2024 /PRNewswire/ -- General Motors Co. (NYSE:GM) today reported first-quarter 2024 revenue of $43.0 billion, net income attributable to stockholders of $3.0 billion and EBIT-adjusted of $3.9 billion. GM is also updating its 2024 full-year earnings guidance: Updated 2024 Guidance Previous 2024 Guidance Net income attributable to stockholders $10.1 billion - $11.5 billion $9.8 billion - $11.2 billion EBIT-adjusted $12.5 billion - $14.5 billion $12.0 billion - $14.0 billion Automotive operating cash flow $18.3 billion - $21.3 billion $18.0 billion - $21.0 billion Adjusted automotive free cash flow $8.5 billion - $10.5 billion $8.0 billion - $10.0 billion EPS-diluted $8.94 - $9.94 $8.50 - $9.50 EPS-diluted-adjusted $9.00 - $10.00 $8.50 - $9.50 GM's 2024 financial guidance includes anticipated capital spending of $10.5 billion - $11.5 billion, inclusive of investments in the company's battery cell manufacturing joint ventures. Conference Call for Investors and Analysts GM Chair and CEO Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results. Conference call details are as follows: 1-800-857-9821 (U.S.) 1-517-308-9481 (international/caller-paid) Conference call passcode: General Motors An audio replay will be available on the GM Investor Relations website in the Events section. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's letter to shareholders. Results Overview Three Months Ended ($M) except per share amounts March 31, 2024 March 31, 2023 Change % Change Revenue $    43,014 $    39,985 $       3,029 7.6 % Net income attributable to stockholders $      2,980 $      2,395 $          585 24.4 % EBIT-adjusted $      3,871 $      3,803 $            68 1.8 % Net income margin 6.9 % 6.0 % 0.9 ppts 15.0 % EBIT-adjusted margin 9.0 % 9.5 % (0.5) ppts (5.3) % Automotive operating cash flow $      3,598 $     2,232 $       1,366 61.2 % Adjusted automotive free cash flow $      1,090 $       (132) $       1,222 n.m. EPS-diluted(a) $        2.56 $       1.69 $         0.87 51.5 % EPS-diluted-adjusted(a) $        2.62 $       2.21 $         0.41 18.6 % GMNA EBIT-adjusted $      3,840 $     3,576 $          264 7.4 % GMNA EBIT-adjusted margin 10.6 % 10.9 % (0.3 ppts) (2.8) % GMI EBIT (loss)-adjusted $         (10) $        347 $         (357) n.m. China equity income (loss) $       (106) $          83 $         (189) n.m. GM Financial EBT-adjusted $        737 $        771 $           (34) (4.4) % (a) EPS-diluted and EPS-diluted-adjusted include a $(0.01) and $0.03 impact from revaluation on equity investments in the three months ended March 31, 2024 and 2023. (b) n.m. = not meaningful General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in safety services and connected vehicle technology, can be found at https://www.gm.com. Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. Guidance Reconciliations The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions): Year Ending December 31, 2024 Updated Previous Net income attributable to stockholders $ 10.1-11.5 $ 9.8-11.2 Income tax expense 2.2-2.8 2.1-2.7 Automotive interest expense, net 0.1 0.1 Adjustments(a) 0.1 — EBIT-adjusted $ 12.5-14.5 $ 12.0-14.0 (a) Refer to the reconciliation of Net income attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items. The following table reconciles expected EPS-diluted under U.S. GAAP to expected EPS-diluted-adjusted: Year Ending December 31, 2024 Updated Previous Diluted earnings per common share $ 8.94-9.94 $ 8.50-9.50 Adjustments(a) 0.06 — EPS-diluted-adjusted $ 9.00-10.00 $ 8.50-9.50 (a) Refer to the reconciliation of diluted earnings per common share under U.S. GAAP to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items. The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions): Year Ending December 31, 2024 Updated Previous Net automotive cash provided by operating activities $ 18.3-21.3 $ 18.0-21.0 Less: Capital expenditures 10.0-11.0 10.0-11.0 Adjustments 0.2 — Adjusted automotive free cash flow(a) $ 8.5-10.5 $ 8.0-10.0 (a) These expected financial results do not include the potential  impact of future adjustments related to special items.   General Motors Company and Subsidiaries1 Combining Income Statement Information (In millions) (Unaudited) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Automotive Cruise GMFinancial Reclassifications/Eliminations Combined Automotive Cruise GMFinancial Reclassifications/Eliminations Combined Net sales and revenue Automotive $ 39,212 $      25 $     — $              (25) $ 39,212 $ 36,646 $      25 $     — $              (25) $ 36,646 GM Financial — — 3,811 (9) 3,802 — — 3,343 (4) 3,339 Total net sales and revenue 39,212 25 3,811 (34) 43,014 36,646 25 3,343 (29) 39,985 Costs and expenses Automotive and other cost of sales 33,597 400 — — 33,996 31,716 532 — (1) 32,247 GM Financial interest, operating and other expenses — — 3,106 — 3,106 — — 2,613 — 2,612 Automotive and other selling, general and administrative expense 2,035 140 — — 2,175 2,438 109 — (1) 2,547 Total costs and expenses 35,632 540 3,106 (1) 39,277 34,155 641 2,613 (2) 37,407 Operating income (loss) 3,580 (515) 705 (33) 3,738 2,492 (616) 730 (28) 2,578 Automotive interest expense 219 16 — (16) 219 234 3 — (3) 234 Interest income and other non-operating income, net 273 12 — 17 302 354 31 — 25 409 Equity income (loss) (137) — 32 — (105) (20) — 41 — 21 Income (loss) before income taxes $   3,497 $  (519) $   737 $                — $   3,715 $   2,592 $  (588) $   771 $                — $   2,775 Income tax expense (benefit) 762 428 Net income (loss) 2,953 2,346 Net loss (income) attributable to noncontrolling interests 27 49 Net income (loss) attributable to stockholders $   2,980 $   2,395 Net income (loss) attributable to common stockholders $   2,970 $   2,369   General Motors Company and Subsidiaries1 Basic and Diluted Earnings per Share (Unaudited) The following table summarizes basic and diluted earnings per share (in millions, except per share amounts): Three Months Ended March 31, 2024 March 31, 2023 Basic earnings per share Net income (loss) attributable to stockholders $                                2,980 $                                2,395 Less: cumulative dividends on subsidiary preferred stock(a) (9) (27) Net income (loss) attributable to common stockholders $                                2,970 $                                2,369 Weighted-average common shares outstanding 1,155 1,396 Basic earnings per common share $                                  2.57 $                                  1.70 Diluted earnings per share Net income (loss) attributable to common stockholders – diluted $                                2,970 $                                2,369 Weighted-average common shares outstanding – diluted 1,162 1,402 Diluted earnings per common share $                                  2.56 $                                  1.69 Potentially dilutive securities(b) 17 22 (a) Includes an insignificant amount in participating securities income from a subsidiary for the three months ended March 31, 2024. (b) Potentially dilutive securities attributable to outstanding stock options, Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) at March 31, 2024 and 2023 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.   General Motors Company and Subsidiaries1 Combining Balance Sheet Information (In millions, except per share amounts) (Unaudited) March 31, 2024 December 31, 2023 Automotive Cruise GMFinancial Reclassifications/Eliminations Combined Automotive Cruise GMFinancial Reclassifications/Eliminations Combined ASSETS Current Assets Cash and cash equivalents $   11,894 $    713 $  5,028 $                 — $   17,635 $   12,228 $ 1,344 $  5,282 $                 — $   18,853 Marketable debt securities 7,845 — — — 7,845 7,613 — — — 7,613 Accounts and notes receivable, net(a) 13,558 — 2,099 (1,883) 13,774 11,814 — 1,891 (1,327) 12,378 GM Financial receivables, net — — 41,872 (190) 41,682 — — 39,246 (170) 39,076 Inventories 17,540 — — (7) 17,533 16,467 — — (6) 16,461 Other current assets(b) 2,183 484 5,776 (443) 8,001 1,994 466 5,205 (428) 7,238 Total current assets 53,021 1,196 54,775 (2,523) 106,470 50,115 1,809 51,624 (1,931) 101,618 Non-current Assets GM Financial receivables, net(d) — — 43,899 (388) 43,511 — — 45,391 (348) 45,043 Equity in net assets of nonconsolidated affiliates 9,069 — 1,670 — 10,740 8,943 — 1,670 — 10,613 Property, net 51,208 97 118 — 51,423 50,104 93 124 — 50,321 Goodwill and intangible assets, net 2,755 715 1,353 — 4,823