GM Reports Third-Quarter Net Income of $1.4 Billion and Record EBIT-Adjusted of $3.1 Billion


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  • EPS of $0.84; EPS adjusted of $1.50, up 55 percent from a year ago
  • GM North America sets records for EBIT-adjusted and EBIT-adjusted margin 

DETROIT – General Motors Co. (NYSE: GM) today announced third-quarter net income to common stockholders of $1.4 billion or $0.84 per diluted share, compared to $1.4 billion or $0.81 per diluted share a year ago. Improvement in operating performance during the quarter was offset by a net loss from special items...

Earnings per share adjusted for special items was $1.50, up 55 percent compared to the third quarter of 2014. Year to date through the third quarter, adjusted earnings per share was $3.63, up 96 percent compared to the prior year.

Third quarter earnings before interest and tax (EBIT) adjusted of $3.1 billion and EBIT-adjusted margin of 8.0 percent were both records for any quarter. These compare to EBIT-adjusted of $2.3 billion and an EBIT-adjusted margin of 5.8 percent in the third quarter of 2014.

“These results reflect our work to capitalize on our strengths in the U.S. and China, while taking decisive, proactive steps to mitigate challenges elsewhere," said GM CEO Mary Barra. “GM is a vastly different company today than just five years ago. We’re building a strong foundation, driving earnings growth in our core business and executing a plan to lead the future of personal mobility, all with the aim of creating shareholder value for years to come.”

Net income to common stockholders includes a net loss from special items of $1.5 billion before tax, or $0.66 per diluted share for the quarter. Special items included $0.9 billion related to a Deferred Prosecution Agreement reached with the U.S. Attorney’s Office for matters associated with the ignition switch recall, and approximately $0.6 billion for the settlement of certain civil actions involving 2014 product recalls, including the ignition switch recall.

Net revenue during the quarter was $38.8 billion compared to $39.3 billion in the third quarter of 2014. The change in net revenue is more than attributed to a negative net foreign currency exchange impact. Holding exchange rates constant, net revenue was $2.3 billion higher than the third quarter of 2014.

GM Results Overview (in billions except for per share amounts)


Q3 2015

Q3 2014

Net Revenue 



Net income attributable to common stockholders 



Earnings per share (EPS) diluted



Impact of special items on EPS diluted



EPS diluted – adjusted






% EBIT-adjusted margin



Automotive net cash flow from operating activities



Adjusted automotive free cash flow



Return on Invested Capital (ROIC) - %




Segment EBIT-Adjusted Results

  • GM North America reported record levels for EBIT-adjusted of $3.3 billion, EBIT-adjusted margin of 11.8 percent and net revenue of $27.8 billion. This compares with EBIT-adjusted of $2.5 billion and EBIT-adjusted margin of 9.5 percent a year ago.  
  • GM Europe reported EBIT-adjusted of $(0.2) billion compared with $(0.4) billion in the third quarter of 2014.  
  • GM International Operations reported EBIT-adjusted of $0.3 billion, about equal to a year ago. Results included China equity income of $0.5 billion, which generated a 9.8 percent net income margin. 
  • GM South America reported EBIT-adjusted of $(0.2) billion compared with approximately break-even results in the third quarter of 2014.  
  • GM Financial reported earnings before tax of $0.2 billion, about equal to a year ago, and posted record net revenue of $1.7 billion. 

Cash Flow and Liquidity
For the quarter, automotive cash flow from operating activities was $2.6 billion and adjusted automotive free cash flow was $0.8 billion. GM ended the quarter with very strong total automotive liquidity of $34.0 billion, and automotive cash and marketable securities of $21.9 billion.

Year-to-date through October 19, GM has returned approximately $4.6 billion of cash to shareholders through share repurchases of more than $2.9 billion and dividends of more than $1.6 billion.

“The third quarter was evidence of the earnings power of this company, as we continue to build on our track record for generating results and delivering on our financial commitments,” said Chuck Stevens, GM executive vice president and chief financial officer. “We expect our earnings to accelerate in the next several years, with double-digit earnings per share growth.”

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, 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

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Forward-Looking Statements
In this press release, our use of the words “plans,” “anticipated,” “goals,” “expect,” “anticipate,” “possible,” “target,” “believe,” “commit,” “intend” “continue,” “may,” “would,” “could,” “should,” “project,” “appears,” “potential,” “projected,” “on track,” “upside,” “positioned,” “outlook” 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 may 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 and the cost and effect on our reputation of product recalls; our ability to maintain adequate financing sources, including as required to fund our planned significant investment in new technology; 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 outside of North America and China; costs and risks associated with litigation and government investigations including those related to our various recalls and risks, consequences and costs associated with failure to comply with the deferred prosecution agreement; our ability to negotiate a successful new collective bargaining agreement with the UAW and avoid any costly work stoppage; our ability to remain competitive and our ability to continue to attract new customers, particularly for our new products. GM’s most recent reports on Form 10-K and Form 10-Q provide information about these and other factors, which we may revise or supplement in future reports to the Securities and Exchange Commission.