DETROIT, Feb. 3, 2016 /PRNewswire/ --
- Full-year 2015 EPS of $5.91;
EPS-adjusted of $5.02, up 65 percent
from 2014
- Fourth quarter EPS of $3.92;
EPS-adjusted of $1.39, up 17 percent
from 2014
- Fourth quarter net income of $6.3
billion; record EBIT-adjusted of $2.8
billion
- Returned $5.7 billion to
shareholders in 2015
General Motors Co. (NYSE: GM) today announced record 2015
calendar-year net income attributable to common stockholders of
$9.7 billion, or $5.91 per diluted share, up from
$2.8 billion, or $1.65 per diluted share in 2014. Earnings per
share (EPS) adjusted for special items was $5.02, up 65 percent compared to $3.05 in 2014.
Full-year earnings before interest and tax (EBIT) adjusted rose
to a record
$10.8 billion, up from $6.5 billion in 2014. EBIT adjusted margin for
the year also increased, to a record 7.1 percent, compared to 4.2
percent in 2014.
"It was a strong year on many fronts, capped with record sales
and earnings, and a substantial return of capital to our
shareholders," said Chairman and CEO Mary
Barra. "We continue to strengthen our core business,
which is laying the foundation for the company to lead in the
transformation of personal mobility. We believe the opportunities
this will create in connectivity, autonomous, car-sharing and
electrification will set the stage for driving value for our owners
for years to come."
Special items during the calendar year impacted full-year net
income to common stockholders favorably, $1.5 billion, or $0.89 per share, compared to an unfavorable
$(2.4) billion impact in 2014, or
$(1.40) per share. Among these
special items were a net gain from the reversal of certain
valuation allowances on deferred tax assets, and charges for
litigation matters related to the ignition switch recall and a
Venezuelan bolivar currency devaluation.
Total net revenue for the year was $152.4 billion, compared to $155.9 billion in 2014. The change in net revenue
is due primarily to a negative net foreign currency exchange impact
of $9.3 billion. Holding exchange
rates constant, net revenue in 2015 was $5.8
billion higher than 2014.
Based on its strong operating performance in 2015 and consistent
with the outlook provided in January, the company reaffirms its
expectation that its EPS-adjusted will be between $5.25 and $5.75 in 2016.
Fourth Quarter Results
GM's fourth quarter 2015 net income attributable to common
stockholders was
$6.3 billion, or $3.92 per diluted share, up from $1.1 billion, or $0.66 per diluted share during the fourth quarter
of 2014. Earnings per share adjusted for special items during the
fourth quarter was $1.39, up 17
percent compared to $1.19 per share
for the fourth quarter of 2014.
EBIT-adjusted was a record $2.8
billion and EBIT-adjusted margin was 7.0 percent in the
fourth quarter of 2015, compared to EBIT-adjusted of $2.4 billion and EBIT-adjusted margin of 6.1
percent in the fourth quarter of 2014.
"The fourth quarter closed another very strong year of operating
performance," said Chuck Stevens,
executive vice president and CFO. "We plan to improve our results
in 2016, driven by a significant vehicle launch cadence, continued
emphasis on growing our adjacent businesses and an unrelenting
focus on driving efficiencies into our core operations."
Special items during the fourth quarter of 2015 impacted net
income to common stockholders favorably, $4.0 billion, or $2.53 per share, compared to an unfavorable
$(0.9) billion impact in 2014, or
$(0.53) per share. These special
items included a $3.9 billion net
non-cash benefit related to the release of the company's valuation
allowances on certain GM Europe deferred tax assets.
Total net revenue in the fourth quarter of 2015 was $39.6 billion, approximately equal to the
fourth quarter of 2014. Holding exchange rates constant, net
revenue during the fourth quarter was $2.4
billion higher than the fourth quarter of 2014.
Overview (in billions except for per share amounts)
|
|
Q4
2015
|
Q4
2014
|
CY
2015
|
CY
2014
|
|
|
|
|
|
|
Revenue
|
|
$39.6
|
$39.6
|
$152.4
|
$155.9
|
Net income
attributable to common stockholders
|
|
$6.3
|
$1.1
|
$9.7
|
$2.8
|
Earnings per share
(EPS) diluted
|
|
$3.92
|
$0.66
|
$5.91
|
$1.65
|
Impact of special
items on EPS diluted
|
|
$2.53
|
$(0.53)
|
$0.89
|
$(1.40)
|
EPS diluted –
adjusted
|
|
$1.39
|
$1.19
|
$5.02
|
$3.05
|
EBIT-adjusted
|
|
$2.8
|
$2.4
|
$10.8
|
$6.5
|
% EBIT-adjusted
margin
|
|
7.0
|
6.1
|
7.1
|
4.2
|
Automotive net
cash flow from operating activities
|
|
$2.2
|
$3.8
|
$10.0
|
$10.1
|
Adjusted
automotive free cash flow
|
|
$(0.3)
|
$1.8
|
$2.2
|
$3.1
|
% Return on
Invested Capital (ROIC)
|
|
27.2
|
15.4
|
27.2
|
15.4
|
Segment Results
- GM North America (GMNA)
reported EBIT-adjusted of $2.8
billion in the fourth quarter of 2015 compared to
$2.2 billion in 2014. Full-year
EBIT-adjusted of $11.0 billion
and EBIT-adjusted margin of 10.3 percent were both records, and
compared to EBIT-adjusted of $6.6
billion and EBIT-adjusted margin of 6.5 percent in 2014.
Based on GMNA's 2015 financial performance, the company will pay
profit sharing of up to $11,000 to
approximately 49,600 eligible GM U.S. hourly employees.
- GM Europe (GME) reported
EBIT-adjusted of $(0.3) billion in
the fourth quarter of 2015, compared to $(0.4) billion in 2014. Full-year
EBIT-adjusted was $(0.8) billion in 2015, compared to
$(1.4) billion in 2014.
- GM International Operations (GMIO) reported EBIT-adjusted of
$0.4 billion in the fourth quarter of
2015 compared to $0.4 billion in
2014. Full-year EBIT-adjusted was $1.4
billion in 2015 compared to $1.2
billion in 2014. Results included China equity income of $0.6 billion in the fourth quarter and
$2.1 billion for the full year.
- GM South America (GMSA)
reported approximately break-even results in the fourth quarter of
2015, compared to EBIT-adjusted of $0.1
billion in 2014. Full-year EBIT-adjusted was
$(0.6) billion in 2015 compared to
EBIT-adjusted of $(0.2) billion in
2014.
- GM Financial reported earnings before taxes (EBT) of
$0.2 billion in the fourth quarter of
2015, compared to $0.1 billion in
2014. Full-year EBT was $0.8 billion,
compared to $0.8 billion in
2014.
Cash Flow and Liquidity
For the fourth quarter of 2015, automotive cash flow from
operating activities was $2.2
billion, compared to $3.8
billion in 2014. In the fourth quarter of 2015, adjusted
automotive free cash flow was $(0.3)
billion, compared to $1.8
billion in 2014. For the year, adjusted automotive free cash
flow was $2.2 billion, compared to
$3.1 billion a year ago.
GM ended 2015 with total automotive liquidity of $32.5 billion compared to $37.2 billion at year-end in 2014.
Automotive cash and marketable securities was $20.3 billion at the end of 2015, compared to
$25.2 billion a year earlier.
In 2015 GM returned approximately $5.7
billion to shareholders, including $2.2 billion in common stock dividends and
$3.5 billion through the GM common
stock repurchase program.
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
http://www.gm.com
Forward-Looking Statements
In this press release and in related comments by management, our
use of the words "plan", "anticipate," "goal," "expect,"
"possible," "target," "believe," "commit", "intend," "continue,"
"may," "would," "could," "should," "project," "appears,"
"potential," "on track," "designed," "effect," "estimate,"
"evaluate," "forecast," "initiative," "objective," "outlook,"
"priorities," "pursue," "seek," "will," "when," or the negative of
any of those words 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; our ability to restructure our
operations in various countries; 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 new and improved products and services and
investments in new technology; our ability to realize successful
vehicle applications of new technology; our ability to deliver new
products, services and customer experiences; volatility in the
price of oil; the ability of our suppliers to timely deliver parts,
components and systems; the availability of wholesale and retail
financing in markets in which we operate to support the sale of our
vehicles; the success of our full-size pick-up trucks and SUVs; the
results of our joint ventures, which we cannot operate solely for
our benefit and over which we may limited control; changes in
economic conditions, commodity prices, housing prices, foreign
currency exchange rates or political stability in the markets in
which we operate; changes in laws, regulations and policies or
other activities of governmental authorities or stricter or novel
interpretations and consequent enforcement of existing
requirements; significant changes in the economic, political and
regulatory environment and market conditions in 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;
increases in our pension expense or projected pension
contributions; and our ability to manage risks related to security
breaches and other disruptions to our vehicles, information
technology networks and systems.
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. GM does not undertake to update any forward-looking
statements that it may make except as required by applicable
law. All subsequent written and forward-looking statements
attributed to GM or any person acting on its behalf are expressly
qualified in their entirety by the factors referenced above.
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SOURCE General Motors