Attached files
| file | filename |
|---|---|
| 8-K - 8-K - General Motors Co | a2q2013earningsreleaseform.htm |
| EX-99.2 - ANALYST CHARTS - General Motors Co | a2013q2chartsetwebcastfi.htm |
For Release: Thursday, July 25, 7:30 a.m. EDT Exhibit 99.1
GM Reports Second Quarter Net Income of $1.2 Billion
• | EPS of $0.75 including net loss from special items of $0.09 per share |
• | EBIT-adjusted of $2.3 billion |
DETROIT - General Motors Co. (NYSE: GM) today announced second quarter net income attributable to common stockholders of $1.2 billion, or $0.75 per fully diluted share. These results include a net loss from special items that reduced net income by $0.2 billion, or $0.09 per fully diluted share.
In the second quarter of 2012, GM's net income attributable to common stockholders was $1.5 billion, or $0.90 per fully diluted share.
Net income for the second quarter of 2013 included an increase in tax expense of $0.5 billion, or $0.29 per fully diluted share, compared to the second quarter of 2012.
Net revenue in the second quarter of 2013 was $39.1 billion, compared to $37.6 billion in the second quarter of 2012. Earnings before interest and tax (EBIT) adjusted was $2.3 billion, compared to $2.1 billion in the second quarter of 2012.
"We continue to perform well in the world's two most important markets, the U.S. and China," said Dan Akerson, GM chairman and CEO. "We also made further progress in our European business and saw the steady performance of our global brands Chevrolet and Cadillac. For the rest of the year, we'll focus on winning customers with high-quality vehicles at a compelling value."
GM Results Overview (in billions except for per share amounts)
Q2 2013 | Q2 2012 | |
Revenue | $39.1 | $37.6 |
Net income attributable to common stockholders | $1.2 | $1.5 |
Earnings per share (EPS) fully diluted | $0.75 | $0.90 |
Impact of special items on EPS fully diluted | $(0.09) | — |
EBIT-adjusted | $2.3 | $2.1 |
Automotive net cash flow from operating activities | $4.5 | $3.8 |
Adjusted automotive free cash flow | $2.6 | $1.7 |
1
Segment Results
• | GM North America reported EBIT-adjusted of $2.0 billion, compared with $1.9 billion in the second quarter of 2012. |
• | GM Europe reported an EBIT-adjusted of $(0.1) billion, compared with $(0.4) billion in the second quarter of 2012. |
• | GM International Operations reported EBIT-adjusted of $0.2 billion, compared with $0.6 billion in the second quarter of 2012. |
• | GM South America reported EBIT-adjusted of $0.1 billion, compared with EBIT-adjusted of $0.0 billion in the second quarter of 2012. |
• | GM Financial earnings before tax was $0.3 billion for the quarter, compared to $0.2 billion in the second quarter of 2012. |
Cash Flow and Liquidity
For the quarter, automotive cash flow from operating activities was $4.5 billion and automotive free cash flow adjusted was $2.6 billion. GM ended the quarter with very strong total automotive liquidity of $34.8 billion. Automotive cash and marketable securities was $24.2 billion compared with $24.3 billion for the first quarter of 2013.
“Our results in this quarter were clearly pegged to winning vehicles like the Cadillac ATS, Chevrolet Impala and Opel Mokka,” said Dan Ammann, GM executive vice president and CFO. “We will continue to address our business challenges head-on, execute flawless launches of our future products and most importantly, satisfy our customers.”
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
# # #
CONTACTS:
Tom Henderson 313-410-2704 tom.e.henderson@gm.com | Randy Arickx 313-268-7070 randy.c.arickx@gm.com |
Forward-Looking Statements
In this press release and in related comments by our management, our use of the words “expect,” “anticipate,” “possible,” “potential,” “target,” “believe,” “commit,” “intend,” “continue,” “may,” “would,” “could,” “should,” “project,” “projected,” “positioned” or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Among other items, such factors might include: our ability to realize production efficiencies and to achieve reductions in costs as a result of our restructuring initiatives and labor modifications; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; our ability to maintain adequate financing sources, including as required to fund our planned significant investment in new technology; our ability to successfully integrate Ally Financial's international operations; the ability of our suppliers to timely deliver parts, components and systems; our ability to realize successful vehicle applications of new technology; overall strength and stability of our markets, particularly Europe; and our ability to continue to attract new customers, particularly for our new products. GM's most recent annual report on Form 10-K provides information about these and other factors, which we may revise or supplement in future reports to the SEC.
2
Exhibit 1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests, (EBIT-adjusted) and Adjusted automotive free cash flow. These metrics are not prepared in accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP) and have not been audited or reviewed by GM's independent auditors. EBIT-adjusted and Adjusted automotive free cash flow are considered non-GAAP financial measures.
Management believes these non-GAAP financial measures provide meaningful supplemental information regarding GM's operating results because they exclude amounts that management does not consider part of operating results when assessing and measuring the operational and financial performance of the organization. Management believes these measures allow it to readily view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions. Accordingly, GM believes these non-GAAP financial measures are useful in allowing for greater transparency of GM's core operations and they are therefore used by management in its financial and operational decision-making.
While management believes that these non-GAAP financial measures provide useful information, they are not operating measures under U.S. GAAP, and there are limitations associated with their use. GM's calculation of these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences between companies in their method of calculation. As a result the use of these non-GAAP financial measures has limitations and should not be considered in isolation from, or as a substitute for, other measures such as Net income or Net income attributable to stockholders. Due to these limitations, these non-GAAP financial measures are used as a supplement to U.S. GAAP measures.
The following table summarizes the reconciliation of EBIT-adjusted to its most comparable U.S. GAAP measure (dollars in millions):
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Operating segments | |||||||||||||||
GMNA(a)(b) | $ | 1,976 | $ | 1,891 | $ | 3,390 | $ | 3,533 | |||||||
GME(a)(b) | (110 | ) | (394 | ) | (285 | ) | (688 | ) | |||||||
GMIO(a)(b) | 228 | 627 | 723 | 1,148 | |||||||||||
GMSA(a)(b) | 54 | 16 | 16 | 169 | |||||||||||
GM Financial(c) | 254 | 217 | 434 | 398 | |||||||||||
Total operating segments | 2,402 | 2,357 | 4,278 | 4,560 | |||||||||||
Corporate(a) | (126 | ) | (238 | ) | (236 | ) | (259 | ) | |||||||
EBIT-adjusted | 2,276 | 2,119 | 4,042 | 4,301 | |||||||||||
Special items | 104 | — | (66 | ) | (612 | ) | |||||||||
Corporate interest income | 77 | 86 | 156 | 175 | |||||||||||
Automotive interest expense | 61 | 118 | 152 | 228 | |||||||||||
Loss on extinguishment of debt | 240 | — | 240 | 18 | |||||||||||
Income tax expense | 742 | 241 | 1,151 | 457 | |||||||||||
Net income attributable to stockholders | 1,414 | 1,846 | 2,589 | 3,161 | |||||||||||
Less: cumulative dividends on preferred stock | 214 | 214 | 429 | 429 | |||||||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security(d) | 145 | 241 | |||||||||||||
Net income attributable to common stockholders | $ | 1,200 | $ | 1,487 | $ | 2,160 | $ | 2,491 | |||||||
__________
(a) | In the three months ended March 31, 2013 GM changed its managerial and reporting structure to report segment revenues and profits based on the geographic region in which a vehicle is sold. Previously, segment results included the impacts of inter-segment sales and profits. Prior year segment results have been reclassified so all information is shown on a comparable basis. Consolidated results are unaffected by this change. |
(b) | GM's automotive operations interest and income taxes are recorded centrally in Corporate; therefore, there are no reconciling items for GM's automotive operating segments between EBIT-adjusted and Net income attributable to stockholders. |
(c) | GM Financial amounts represent income before income taxes. |
(d) | In the three and six months ended June 30, 2013 the applicable market value of our common stock was within the range of $33.00 to $39.60 per common share, as such, we applied the if-converted method for purposes of calculating basic earnings per share. |
1
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
The following summarizes the special items:
In the three months ended June 30, 2013 special items included the following:
•The acquisition of GM Korea preferred shares of $67 million in GMIO; and
•Pension settlement credits of $37 million in GMNA.
In the six months ended June 30, 2013 special items included the following:
•Venezuela currency devaluation of $162 million in GMSA;
•The acquisition of GM Korea preferred shares of $67 million in GMIO; and
•Net pension settlement charges and income related to various insurance recoveries, net, of $29 million.
There were no special items in the three months ended June 30, 2012.
In the six months ended June 30, 2012 special items included Goodwill impairment charges of $590 million in GME and $22 million in GMIO.
The following table summarizes the reconciliation of Adjusted automotive free cash flow to Automotive net cash provided by operating activities (dollars in millions):
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Adjusted automotive free cash flow | $ | 2,565 | $ | 1,698 | $ | 1,240 | $ | 1,980 | |||||||
Less: Adjustments for voluntary management actions | — | — | 71 | — | |||||||||||
Automotive free cash flow | 2,565 | 1,698 | 1,169 | 1,980 | |||||||||||
Capital expenditures | 1,890 | 2,062 | 3,829 | 4,052 | |||||||||||
Automotive net cash provided by operating activities | $ | 4,455 | $ | 3,760 | $ | 4,998 | $ | 6,032 | |||||||
In the three months ended March 31, 2013 adjustments for voluntary management actions included pension contributions of $71 million related to the previously announced annuitization of the U.S. salaried pension plan.
The following tables summarize key financial information by segment (dollars in millions):
2
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 23,495 | $ | 5,154 | $ | 5,250 | $ | 4,308 | $ | 39 | $ | — | $ | 38,246 | $ | 836 | $ | (7 | ) | $ | 39,075 | ||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,014 | $ | 127 | $ | 196 | $ | 128 | $ | 7 | $ | (1 | ) | $ | 1,471 | $ | 111 | $ | (4 | ) | $ | 1,578 | |||||||||||||||||
Equity income, net of tax | $ | 3 | $ | — | $ | 426 | $ | — | $ | — | $ | — | $ | 429 | $ | — | $ | — | $ | 429 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 21,552 | $ | 5,532 | $ | 5,915 | $ | 4,117 | $ | 10 | $ | — | $ | 37,126 | $ | 487 | $ | 1 | $ | 37,614 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 894 | $ | 295 | $ | 149 | $ | 117 | $ | 14 | $ | (1 | ) | $ | 1,468 | $ | 54 | $ | (2 | ) | $ | 1,520 | |||||||||||||||||
Equity income, net of tax | $ | 2 | $ | — | $ | 298 | $ | — | $ | — | $ | — | $ | 300 | $ | — | $ | — | $ | 300 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 46,474 | $ | 9,972 | $ | 10,070 | $ | 7,999 | $ | 75 | $ | — | $ | 74,590 | $ | 1,376 | $ | (7 | ) | $ | 75,959 | ||||||||||||||||||
Expenditures for property | $ | 2,739 | $ | 351 | $ | 435 | $ | 253 | $ | 51 | $ | — | $ | 3,829 | $ | 4 | $ | — | $ | 3,833 | |||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,940 | $ | 237 | $ | 399 | $ | 258 | $ | 23 | $ | (1 | ) | $ | 2,856 | $ | 195 | $ | (8 | ) | $ | 3,043 | |||||||||||||||||
Equity income, net of tax | $ | 8 | $ | — | $ | 976 | $ | — | $ | — | $ | — | $ | 984 | $ | — | $ | — | $ | 984 | |||||||||||||||||||
GMNA | GME | GMIO | GMSA | Corporate | Eliminations | Total Automotive | GM Financial | Eliminations | Total | ||||||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Total net sales and revenue | $ | 44,727 | $ | 10,787 | $ | 10,931 | $ | 7,984 | $ | 25 | $ | — | $ | 74,454 | $ | 918 | $ | 1 | $ | 75,373 | |||||||||||||||||||
Expenditures for property | $ | 2,241 | $ | 624 | $ | 616 | $ | 538 | $ | 33 | $ | — | $ | 4,052 | 7 | — | $ | 4,059 | |||||||||||||||||||||
Depreciation, amortization and impairment of long-lived assets and finite-lived intangible assets | $ | 1,782 | $ | 575 | $ | 278 | $ | 235 | $ | 26 | $ | (1 | ) | $ | 2,895 | $ | 97 | $ | (4 | ) | $ | 2,988 | |||||||||||||||||
Equity income, net of tax | $ | 4 | $ | — | $ | 719 | $ | — | $ | — | $ | — | $ | 723 | $ | — | $ | — | $ | 723 | |||||||||||||||||||
3
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
June 30, 2013 | December 31, 2012 | ||||
Worldwide Employment (in thousands) | |||||
GMNA(a) | 107 | 101 | |||
GME | 35 | 37 | |||
GMIO | 39 | 39 | |||
GMSA | 33 | 32 | |||
GM Financial | 5 | 4 | |||
Total Worldwide | 219 | 213 | |||
U.S. - Salaried(a) | 34 | 30 | |||
U.S. - Hourly | 51 | 50 | |||
_________
(a) | Headcount increased primarily due to the insourcing of certain information technology support functions that were previously provided by outside parties. |
Wholesale and Retail Vehicle Sales
Wholesale vehicle sales data, which represents sales directly to dealers and others, is the measure that correlates vehicle sales to our revenue from the sale of vehicles, which is the largest component of Automotive sales and revenue. Wholesale vehicle sales exclude vehicles produced by unconsolidated joint ventures. Retail vehicle sales data, which represents estimated sales to the end customer, including fleets, does not correlate directly to the revenue recognized during the period. However, retail vehicle sales data is indicative of the underlying demand for GM's vehicles, is the basis for market share, and is based upon the good faith estimates of management and includes all sales by joint ventures on a total vehicle basis, not based on the percentage of ownership in the joint venture. Market share information is based primarily on retail vehicle sales volume, but estimates may be used where retail vehicle sales volume is not available. Worldwide market share and retail vehicle sales data exclude the markets of Iran, North Korea, Sudan and Syria.
GM presents both wholesale and retail vehicle sales data to assist in the analysis of its revenue and market share.
The joint venture agreements with SAIC-GM-Wuling Automobile Co., Ltd. (SGMW) and FAW-GM Light Duty Commercial Vehicle Co., Ltd. (FAW-GM) allow for significant rights as a member as well as the contractual right to report SGMW and FAW-GM joint venture sales in China.
4
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Wholesale Vehicle Sales
The following table summarizes total wholesale vehicle sales of new motor vehicles by automotive segment (vehicles in thousands):
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||
GMNA | 809 | 760 | 1,638 | 1,608 | |||||||
GME | 276 | 290 | 525 | 556 | |||||||
GMIO | 268 | 295 | 511 | 538 | |||||||
GMSA | 278 | 265 | 511 | 502 | |||||||
Worldwide | 1,631 | 1,610 | 3,185 | 3,204 | |||||||
5
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended | Six Months Ended | ||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||
Retail Vehicle Sales (units in thousands)(a)(b)(c) | |||||||||||
United States | |||||||||||
Chevrolet - Cars | 245 | 246 | 450 | 463 | |||||||
Chevrolet - Trucks | 194 | 171 | 361 | 321 | |||||||
Chevrolet - Crossovers | 107 | 97 | 204 | 178 | |||||||
Cadillac | 41 | 32 | 84 | 63 | |||||||
Buick | 53 | 53 | 101 | 90 | |||||||
GMC | 116 | 109 | 221 | 201 | |||||||
Total United States | 755 | 707 | 1,420 | 1,316 | |||||||
Canada, Mexico and Other | 125 | 113 | 221 | 209 | |||||||
Total North America | 880 | 820 | 1,642 | 1,524 | |||||||
Europe | |||||||||||
Opel/Vauxhall | 284 | 299 | 544 | 574 | |||||||
Chevrolet | 139 | 155 | 252 | 277 | |||||||
Other | 1 | 1 | 1 | 2 | |||||||
Total Europe | 425 | 455 | 797 | 853 | |||||||
Asia/Pacific, Middle East and Africa | |||||||||||
Chevrolet | 278 | 276 | 568 | 567 | |||||||
Wuling | 350 | 332 | 747 | 687 | |||||||
Buick | 192 | 162 | 401 | 343 | |||||||
Holden | 30 | 29 | 57 | 61 | |||||||
GMC | 8 | 12 | 17 | 22 | |||||||
Cadillac | 13 | 8 | 22 | 17 | |||||||
Other | 53 | 43 | 104 | 94 | |||||||
Total Asia/Pacific, Middle East and Africa(d) | 925 | 862 | 1,917 | 1,791 | |||||||
South America | |||||||||||
Chevrolet | 260 | 252 | 494 | 499 | |||||||
Other | 1 | 2 | 3 | 3 | |||||||
Total South America | 262 | 254 | 497 | 502 | |||||||
Total Worldwide | 2,492 | 2,392 | 4,853 | 4,670 | |||||||
________
(a) | North America vehicle sales primarily represent sales to the end customer. Europe, Asia/Pacific, Middle East and Africa and South America vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales. |
(b) | Certain fleet sales that are accounted for as operating leases are included in vehicle sales at the time of delivery to the daily rental car companies. |
(c) | Vehicle sales data may include rounding differences. |
(d) | The joint venture vehicle sales presented in the following table are included in GM's retail vehicle sales. Vehicle sales for HKJV are included in the three and six months ended June 30, 2013. |
Three Months Ended | Six Months Ended | |||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | |||||||||
Joint venture sales in China | ||||||||||||
SGMS | 361 | 337 | 302 | 743 | 640 | |||||||
SGMW and FAW-GM | 389 | 407 | 368 | 822 | 775 | |||||||
Joint venture sales in India | ||||||||||||
HKJV | 28 | 21 | 49 | |||||||||
6
General Motors Company and Subsidiaries
Supplemental Material
(Unaudited)
Three Months Ended | Six Months Ended | ||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||
Market Share(a)(b) | |||||||
United States - Cars | 14.7% | 15.4% | 14.3% | 14.8% | |||
United States - Trucks | 23.8% | 23.4% | 24.0% | 23.1% | |||
United States - Crossovers | 18.0% | 18.5% | 18.4% | 17.9% | |||
Total United States | 18.0% | 18.2% | 17.8% | 17.7% | |||
Total North America | 17.3% | 17.4% | 17.2% | 17.0% | |||
Total Europe | 8.5% | 8.8% | 8.4% | 8.5% | |||
Total Asia/Pacific, Middle East and Africa(c) | 9.3% | 9.2% | 9.4% | 9.3% | |||
Total South America | 17.1% | 18.1% | 17.2% | 18.2% | |||
Total Worldwide | 11.5% | 11.6% | 11.5% | 11.4% | |||
U.S. Retail/Fleet Mix | |||||||
% Fleet Sales - Cars | 28.2% | 31.0% | 30.0% | 32.1% | |||
% Fleet Sales - Trucks | 28.4% | 30.6% | 25.9% | 28.0% | |||
% Fleet Sales - Crossovers | 23.1% | 25.7% | 22.0% | 21.9% | |||
Total Vehicles | 27.0% | 29.6% | 26.5% | 28.2% | |||
North America Capacity Utilization | 102.1% | 101.0% | 100.1% | 102.4% | |||
________
(a) Market Share information is based on retail vehicles sales volume.
(b) North America vehicle sales primarily represent sales to the end customer. Europe, Asia/Pacific, Middle East and Africa and South America vehicle sales primarily represent estimated sales to the end customer. In countries where end customer data is not readily available other data sources, such as wholesale or forecast volumes, are used to estimate vehicle sales.
(c) The joint venture vehicle sales presented in the following table are included in GM's retail vehicle sales. Vehicle sales for HKJV are included in the three and six months ended June 30, 2013.
Three Months Ended | Six Months Ended | |||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | |||||||||
Joint venture sales in China | ||||||||||||
SGMS | 361 | 337 | 302 | 743 | 640 | |||||||
SGMW and FAW-GM | 389 | 407 | 368 | 822 | 775 | |||||||
Joint venture sales in India | ||||||||||||
HKJV | 28 | 21 | 49 | |||||||||
7
General Motors Company and Subsidiaries
Condensed Consolidated Income Statements
(In millions, except per share amounts)
(Unaudited)
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Net sales and revenue | |||||||||||||||
Automotive | $ | 38,240 | $ | 37,127 | $ | 74,584 | $ | 74,455 | |||||||
GM Financial | 835 | 487 | 1,375 | 918 | |||||||||||
Total | 39,075 | 37,614 | 75,959 | 75,373 | |||||||||||
Costs and expenses | |||||||||||||||
Automotive cost of sales | 33,824 | 32,678 | 66,441 | 65,588 | |||||||||||
GM Financial operating and other expenses | 575 | 268 | 931 | 516 | |||||||||||
Automotive selling, general and administrative expense | 2,925 | 2,847 | 5,877 | 5,835 | |||||||||||
Goodwill impairment charges | — | — | — | 617 | |||||||||||
Total costs and expenses | 37,324 | 35,793 | 73,249 | 72,556 | |||||||||||
Operating income | 1,751 | 1,821 | 2,710 | 2,817 | |||||||||||
Automotive interest expense | 61 | 118 | 152 | 228 | |||||||||||
Interest income and other non-operating income, net | 251 | 139 | 422 | 414 | |||||||||||
Loss on extinguishment of debt | 240 | — | 240 | 18 | |||||||||||
Income before income taxes and equity income | 1,701 | 1,842 | 2,740 | 2,985 | |||||||||||
Income tax expense | 742 | 241 | 1,151 | 457 | |||||||||||
Equity income, net of tax | 429 | 300 | 984 | 723 | |||||||||||
Net income | 1,388 | 1,901 | 2,573 | 3,251 | |||||||||||
Net (income) loss attributable to noncontrolling interests | 26 | (55 | ) | 16 | (90 | ) | |||||||||
Net income attributable to stockholders | $ | 1,414 | $ | 1,846 | $ | 2,589 | $ | 3,161 | |||||||
Net income attributable to common stockholders | $ | 1,200 | $ | 1,487 | $ | 2,160 | $ | 2,491 | |||||||
Earnings per share | |||||||||||||||
Basic | |||||||||||||||
Basic earnings per common share | $ | 0.87 | $ | 0.95 | $ | 1.57 | $ | 1.59 | |||||||
Weighted-average common shares outstanding | 1,376 | 1,569 | 1,374 | 1,571 | |||||||||||
Diluted | |||||||||||||||
Diluted earnings per common share | $ | 0.75 | $ | 0.90 | $ | 1.37 | $ | 1.49 | |||||||
Weighted-average common shares outstanding | 1,677 | 1,671 | 1,668 | 1,681 | |||||||||||
8
General Motors Company and Subsidiaries
Basic and Diluted Earnings per Share
(Unaudited)
In the three and six months ended June 30, 2012 GM was required to use the two-class method for calculating earnings per share as the applicable market value of its common stock was below $33.00 per common share. In the three and six months ended June 30, 2013 GM was required to use the if-converted method for calculating earnings per share as the applicable market value of its common stock was within the price range of $33.00 to $39.60 per common share.
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2013 | June 30, 2012 | ||||||||||||
Basic earnings per share | |||||||||||||||
Net income attributable to stockholders | $ | 1,414 | $ | 1,846 | $ | 2,589 | $ | 3,161 | |||||||
Less: cumulative dividends on preferred stock(a) | (214 | ) | (214 | ) | (429 | ) | (429 | ) | |||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | (145 | ) | (241 | ) | |||||||||||
Net income attributable to common stockholders | $ | 1,200 | $ | 1,487 | $ | 2,160 | $ | 2,491 | |||||||
Weighted-average common shares outstanding - basic | 1,376 | 1,569 | 1,374 | 1,571 | |||||||||||
Basic earnings per common share | $ | 0.87 | $ | 0.95 | $ | 1.57 | $ | 1.59 | |||||||
Diluted earnings per share | |||||||||||||||
Net income attributable to stockholders | $ | 1,414 | $ | 1,846 | $ | 2,589 | $ | 3,161 | |||||||
Add: preferred dividends to holders of Series B Preferred Stock | 60 | 118 | |||||||||||||
Less: cumulative dividends on preferred stock(a) | (214 | ) | (214 | ) | (429 | ) | (429 | ) | |||||||
Less: undistributed earnings allocated to Series B Preferred Stock participating security | (136 | ) | (226 | ) | |||||||||||
Net income attributable to common stockholders | $ | 1,260 | $ | 1,496 | $ | 2,278 | $ | 2,506 | |||||||
Weighted-average shares outstanding - diluted | |||||||||||||||
Weighted-average common shares outstanding - basic | 1,376 | 1,569 | 1,374 | 1,571 | |||||||||||
Dilutive effect of warrants | 147 | 98 | 140 | 106 | |||||||||||
Dilutive effect of conversion of Series B Preferred Stock | 151 | 151 | |||||||||||||
Dilutive effect of restricted stock units | 3 | 4 | 3 | 4 | |||||||||||
Weighted-average common shares outstanding - diluted | 1,677 | 1,671 | 1,668 | 1,681 | |||||||||||
Diluted earnings per common share | $ | 0.75 | $ | 0.90 | $ | 1.37 | $ | 1.49 | |||||||
__________
(a) | Includes earned but undistributed dividends of $26 million on GM's Series A Preferred Stock and $20 million on GM's Series B Preferred Stock in the three and six months ended June 30, 2013 and 2012. |
9
General Motors Company and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
(Unaudited)
June 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 19,697 | $ | 18,422 | |||
Marketable securities | 6,258 | 8,988 | |||||
Restricted cash and marketable securities | 1,067 | 686 | |||||
Accounts and notes receivable (net of allowance of $305 and $311) | 11,119 | 10,395 | |||||
GM Financial receivables, net (including receivables transferred to SPEs of $8,726 and $3,444) | 10,865 | 4,044 | |||||
Inventories | 14,777 | 14,714 | |||||
Equipment on operating leases, net | 2,492 | 1,782 | |||||
Deferred income taxes | 9,771 | 9,429 | |||||
Other current assets | 1,699 | 1,536 | |||||
Total current assets | 77,745 | 69,996 | |||||
Non-current Assets | |||||||
Restricted cash and marketable securities | 726 | 682 | |||||
GM Financial receivables, net (including receivables transferred to SPEs of $10,283 and $6,458) | 11,453 | 6,954 | |||||
Equity in net assets of nonconsolidated affiliates | 7,463 | 6,883 | |||||
Property, net | 25,351 | 24,196 | |||||
Goodwill | 1,993 | 1,973 | |||||
Intangible assets, net | 6,598 | 6,809 | |||||
GM Financial equipment on operating leases, net (including assets transferred to SPEs of $663 and $540) | 2,575 | 1,649 | |||||
Deferred income taxes | 26,608 | 27,922 | |||||
Other assets | 2,598 | 2,358 | |||||
Total non-current assets | 85,365 | 79,426 | |||||
Total Assets | $ | 163,110 | $ | 149,422 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable (principally trade) | $ | 26,820 | $ | 25,166 | |||
Short-term debt and current portion of long-term debt | |||||||
Automotive (including certain debt at VIEs of $244 and $228) | 699 | 1,748 | |||||
GM Financial (including certain debt at VIEs of $7,865 and $3,770) | 9,262 | 3,770 | |||||
Accrued liabilities | 23,240 | 23,308 | |||||
Total current liabilities | 60,021 | 53,992 | |||||
Non-current Liabilities | |||||||
Long-term debt | |||||||
Automotive (including certain debt at VIEs of $23 and $122) | 3,263 | 3,424 | |||||
GM Financial (including certain debt at VIEs of $9,206 and $5,608) | 13,524 | 7,108 | |||||
Postretirement benefits other than pensions | 7,165 | 7,309 | |||||
Pensions | 26,661 | 27,420 | |||||
Other liabilities and deferred income taxes | 13,472 | 13,169 | |||||
Total non-current liabilities | 64,085 | 58,430 | |||||
Total Liabilities | 124,106 | 112,422 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Preferred stock, $0.01 par value | |||||||
Series A | 5,536 | 5,536 | |||||
Series B | 4,855 | 4,855 | |||||
Common stock, $0.01 par value | 14 | 14 | |||||
Additional paid-in capital | 23,818 | 23,834 | |||||
Retained earnings | 12,191 | 10,057 | |||||
Accumulated other comprehensive loss | (8,040 | ) | (8,052 | ) | |||
Total stockholders’ equity | 38,374 | 36,244 | |||||
Noncontrolling interests | 630 | 756 | |||||
Total Equity | 39,004 | 37,000 | |||||
Total Liabilities and Equity | $ | 163,110 | $ | 149,422 | |||
10