General Motors today reported 2021 full-year earnings that include net income of $10 billion, EBIT-adjusted of $14.3 billion, net income margin of 7.9%, EBIT-adjusted margin of 11.3%, EPS-diluted of $6.70 and EPS-diluted-adjusted of $7.07. GM’s full-year net income, EBIT-adjusted, EBIT-adjusted margin and EPS measures are all records.
GM’s Q4 results include net income of $1.7 billion, net income margin of 5.2%, EPS-diluted of $1.16, EPS-diluted-adjusted of $1.35, EBIT-adjusted of $2.8 billion and EBIT-adjusted margin of 8.5%.
Here’s how GM performed, compared with analysts’ estimates as compiled by Refinitiv:
- Adjusted EPS: $1.35 vs $1.19 expected
- Revenue: $33.58 billion vs $34.01 billion expected
Shares of the automaker declined by more than 3% during after-hours trading.
The company expects full-year 2022 net income to be in a range of $9.4 billion – $10.8 billion and EBIT-adjusted to be in a range of $13.0 billion – $15.0 billion, assuming continued steady demand for new vehicles and no significant new economic or supply chain challenges.
General Motors announced that delivered 2.9 Million vehicles in China during 2021 amid the global semiconductor supply chain disruption. In spite of the challenging environment, premium models and new energy vehicles (NEVs) across their brands sustained robust growth momentum and posted a strong performance.
“As the challenges brought by the macro environment persisted, we stayed focused on delivering high-quality products and services to satisfy our customers while moving forward on our commitment to create a future of zero crashes, zero emissions and zero congestion,” said Julian Blissett, GM executive vice president and president of GM China. “We are optimistic about the outlook for the industry and our performance in 2022.”
Official Statement
General Motors revealed an intensive launch cadence across its brands in China planned for 2022. “More than 20 new and refreshed models will be introduced, with the focus on luxury and premium models as well as NEVs.” – the company added.
GM detailed the sales by brand: Cadillac had record sales of over 230,000 units in 2021; Buick had deliveries of nearly 820,000 units; Chevrolet deliveries reached about 230,000 units; Baojun had deliveries of more than 210,000 units and Wuling deliveries topped 1.4 million units.
In 2021, GM accelerated its “move toward a zero-emissions future with the introduction of the revolutionary Ultium platform, which has the power, range and flexibility to make almost every vehicle an EV. Led by the Cadillac LYRIQ, a wide spectrum of Ultium-based models across Cadillac, Buick and Chevrolet will be introduced to the Chinese market.”
