GM Second-Quarter Results Show Business Resiliency
General Motors Co. (NYSE: GM) reported its second-quarter 2020 earnings, revealing a diluted EPS of $(0.56) and revenue of $16.8 billion despite challenges from the COVID-19 pandemic. Adjusted EBIT was at $(0.5) billion, with automotive liquidity standing at $30.6 billion. Notably, GM's North America EBIT-adjusted approached breakeven at $(0.1) billion. The results underline GM's efforts over recent years to enhance business resiliency, reflecting a commitment to navigate through market disruptions effectively.
- Automotive liquidity of $30.6 billion indicating financial stability.
- North America EBIT-adjusted near breakeven at $(0.1) billion, showing operational resilience.
- Net loss of $(0.8) billion highlighting significant challenges.
- Automotive operating cash flow at $(8.0) billion, indicating cash flow issues.
- Adjusted automotive free cash flow of $(9.0) billion, reflecting financial strain.
DETROIT, July 29, 2020 /PRNewswire/ -- General Motors Co. (NYSE: GM) today reported solid second-quarter earnings, despite significant impacts to production and wholesales as a result of the COVID-19 pandemic. The results reflect actions GM has taken over the past few years to be more resilient.
Second-quarter 2020 results:
- EPS-diluted of
$(0.56) , and EPS-diluted-adjusted of$(0.50) - EPS-diluted-adjusted includes a
$0.08 gain from PSA revaluations - Income of
$(0.8) billion , and EBIT-adjusted of$(0.5) billion - Revenue of
$16.8 billion - Automotive liquidity of
$30.6 billion - Automotive operating cash flow of
$(8.0) billion , and adjusted automotive free cash flow of$(9.0) billion - GM North America EBIT-adjusted near breakeven at
$(0.1) billion - GM Financial EBT-adjusted of
$0.2 billion
For complete details and to see reconciliations of non-GAAP measures to their most directly comparable GAAP measures, click here to download the full press release, or visit the GM Investor Relations website.
Investor analyst conference call
GM Chairman and CEO Mary Barra and Chief Financial Officer Dhivya Suryadevara will host a conference call for investor analysts at 10 a.m. EDT today to discuss second-quarter results. Introductory remarks will be followed by a question-and-answer session for analysts.
Journalists who wish to listen to the call may dial in using the following numbers:
United States: | 1-888-808-8618 |
International: | +1-949-484-0645 |
Name of Call: | GM Earnings Call |
General Motors (NYSE:GM) is committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Holden, Baojun, and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at http://www.gm.com.
Cautionary Note on Forward-Looking Statements: This press release contains forward-looking statements that represent our current judgment about possible future events. In making these statements we rely on 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 events or financial results, and our actual results may differ materially due to a variety of important factors, both positive and negative. A list and description of these factors can be found in our Annual Report on Form 10-K and our subsequent filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. 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.
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SOURCE General Motors Co.
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