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General Motors Announces the New Company's
July 10-September 30 Preliminary Managerial Results
§ Operating actions result in EBIT loss before special items of $261 million and managerial net loss of $1.2 billion
§ Continued progress on structural cost reductions
§ Healthier balance sheet with significantly lower debt
§ $3.3 billion positive managerial operating cash flow favorably impacted by working capital; $42.6 billion third quarter liquidity position expected to decline materially in the fourth quarter
§ Accelerated plan to repay U.S. and Canadian taxpayers; first $1.2 billion payment in December
DETROIT – General Motors Company (GM) released today preliminary non-GAAP managerial results[1] for its first 83 days of operation, providing an initial look at its financial performance since it began operations as a new company on July 10, 2009.
"We have significantly more work to do, but today's results provide evidence of the solid foundation we're building for the new GM. With a healthier balance sheet and a competitive cost structure, our focus is on driving top line performance. We'll achieve that by winning customers over, one at a time, with vehicles that deliver performance and value," said GM President and CEO Fritz Henderson.
| Preliminary Non-GAAP Managerial Results | | | ||
| | | "Old GM" | | GM July 10-Sept. 30, 2009 |
| ($mils) | | | | |
| Net revenue | | $1,637 | | $26,352 |
| | | | | |
| | | | | |
| Earnings before interest and taxes | | $(627) | | $(261) |
| | | | | |
| Net interest | | $(209) | | $(250) |
| | | | | |
| Special items | | $79,672[2] | | $(505) |
| | | | | |
| | | | | |
| Earnings before taxes | | $78,836 | | $(1,016) |
| | | | | |
| Taxes | | $522 | | $(135) |
| | | | | |
| Total managerial income/(loss) | | $79,358 | | $(1,151) |
| | | | | |
| | | | | |
| Managerial operating cash flow | | $(3.6) | | $3.3 |
| | | | | |
| Global cash and cash-related balance ($bils) | | $37.6 | | $42.6 |
Revenue
GM posted revenue of $28.0 billion in the third quarter of 2009 (July 1-Sept. 30, 2009), which was up approximately $4.9 billion compared to the revenue recognized by General Motors Corporation, or "Old GM," in the second quarter of 2009.
The improvement was largely attributed to a higher global seasonally adjusted annual rate (SAAR) of 67.8 million units in the third quarter, compared to 62.7 million units in the second quarter of 2009, and GM's stabilizing global share. In China, Brazil, India and Russia (BRIC), GM had 13.0 percent of the combined market share in the third quarter, up 0.2 percentage points from the second quarter of 2009.
GM's global share was 11.9 percent in the third quarter, up 0.3 percentage points from the first half of the year for Old GM. GM's U.S. market share in the third quarter was 19.5 percent, flat in relation to Old GM's U.S. share for the first half of the year.
GM finished the third quarter with U.S. dealer inventories of approximately 424,000 vehicles; a reduction of approximately 158,000 units from the end of the second quarter.
Contributing to GM's sales in the U.S. was the strong retail performance of some of its newest vehicles, including the Chevrolet Camaro and GMC Terrain, as well as the Chevrolet Equinox, Buick LaCrosse and Cadillac SRX which are generating higher average transaction prices and higher residual values than previous model year vehicles.
In other markets around the world, strong consumer appeal for a number of GM's newest vehicles including the Holden and Chevrolet Cruze, Daewoo Matiz Creative, Opel/Vauxhall Astra and Chevrolet Agile are helping to reclaim global share. In fact, the Astra recently claimed its first major award by winning the prestigious Golden Steering Wheel award by the Auto Bild magazine and the Agile was just elected the 2010 Car of the Year by AutoEsporte magazine in Brazil.
The China market in particular is proving to be a strong contributor for the company's results. Maintaining a leading market share position in China, GM and its joint venture partners continue to see an upward trend, selling more than 478,000 vehicles in the third quarter of 2009, up from approximately 451,000 and 364,000 units in the second and first quarters, respectively.
Managerial Results
After the inclusion of special items, GM's managerial earnings before tax for the July 10-Sept. 30 period was a loss of $1.0 billion. GM recorded special items for the same period of $505 million, attributed primarily to dealer restructuring, attrition-related charges and Delphi.[3] For the July 10-Sept. 30 period GM posted a managerial loss after-tax of $1.2 billion.
GM managerial earnings before interest and taxes (EBIT) before special items for the July 10-Sept. 30 period was a loss of $261 million, with GM North America reporting a loss of $651 million and GM International Operations reporting a profit of $238 million. Managerial earnings before interest, taxes, depreciation and amortization (EBITDA) was $1.5 billion before special items.
Total structural cost for the company has been significantly reduced by the resizing and delayering of the company including salaried and hourly headcount reductions, engineering savings and volume related savings. GM structural cost for the period July 10-Sept. 30, 2009 was $9.1 billion. Structural cost for Old GM for the period Jan. 1-July 9, 2009 was $22.0 billion. For the 9-month period ending September 30, 2008, Old GM had structural cost of $37.8 billion.
Structural Cost
| (bils) | | "Old GM" | | "Old GM" Jan. 1-July 9, 2009 | | | GM July 10-Sept. 30, 2009 |
| | | | | | | | |
| Total Structural Cost | | $37.8 | | $22.0 | | | $9.1 |
| |