EX-99.1 2 q42018earnings020619.htm EXHIBIT 99.1 - 2018 Q4 AND FULL YEAR CONSOLIDATED EARNINGS RELEASE
Exhibit 99.1 2018 YEAR-END EARNINGS • Full-year EPS-diluted of $5.58; EPS-diluted-adj. of $6.54 GM Reports Another • Income of $8.1 billion includes $2.5 billion in costs primarily related to restructuring Strong Year of Earnings • Q4 EPS-diluted of $1.40; EPS-diluted-adj. of $1.43 FULL-YEAR 2018 RESULTS OVERVIEW Net Revenue Income Auto Operating Cash Flow EPS-Diluted GAAP $147.0 B $8.1 B $11.7 B $5.58 vs. 2017 + 1.0 % + 2,347 % $(2.6) B + 2,436 % EBIT-adj. Margin EBIT-adj. Adj. Auto FCF EPS-Diluted-adj. Non-GAAP 8.0% $11.8 B $3.8 B* $6.54 vs. 2017 (0.8) pts (8.3) % $(1.8) B (1.2) % *$4.4 billion, excluding the impact of the $0.6 billion in pre-funding payments to certain non-U.S. pensions in Q3 2018. GM delivered another strong year of earnings in a highly volatile environment in 2018. We will continue to make bold decisions to lead the transformation of this industry and drive signifcant shareholder value.” – Mary Barra, Chairman and CEO “2018 FULL-YEAR AND FOURTH-QUARTER RESULTS TRANSFORMATION TAKES SHAPE IN 2018 In 2018, GM reported strong full-year earnings per In the frst quarter, GM introduced the frst production- share-diluted-adjusted. Results were driven by strong ready autonomous vehicle built for operating safely pricing, surging crossover sales, successful execution of with no driver or manual controls. Cruise’s integrated the company’s full-size truck launch, growth of GM approach to software and hardware development Financial earnings and disciplined cost control. Full- attracted $5 billion in external capital during the year. year automotive adjusted free cash fow of $3.8 billion includes the impact of $600 million in pre-funding In the second quarter, GM announced a plan to place payments to certain non-U.S. pensions. GM Korea on a path toward enterprise-level proftability. Fourth quarter results were led by strong performance in GM North America, driven by a rich vehicle mix and In November, the company announced steps to align strong pricing for GM’s all-new full-size pickup trucks: its product portfolio and capacity in North America the Chevrolet Silverado and GMC Sierra. with changed consumer preferences and transform its workforce to position the company for long-term GM FINANCIAL’S STRONG PERFORMANCE success. To date, nearly 950 hourly employees have GM Financial generated 2018 full-year earnings before been placed into U.S. plants with products in key tax (EBT) of $1.9 billion, up 58.3 percent compared to growth segments. Click here for details. 2017, on revenue of $14.0 billion. In the fourth quarter, it posted EBT of $400 million on revenue of $3.6 billion, and paid GM a cash dividend of $375 million. CADILLAC MOMENTUM CONTINUES IN 2019 In January, GM announced that Cadillac will lead the company to an all-electric future, revealing the brand’s plan for its frst fully electric vehicle. Following the success of the XT4 compact luxury SUV, Cadillac revealed the all-new three-row XT6 crossover. The brand also hinted at a future Escalade and upcoming performance sedan. To continue this product momentum, Cadillac will launch a new model every Cadillac’s frst fully electric vehicle will be the frst model derived six months through 2021. from GM’s future EV platform.

Q4 2018 RESULTS OVERVIEW Net Revenue Income Auto Operating Cash Flow EPS-Diluted GAAP $38.4 B $2.1 B $6.3 B $1.40 vs. Q4 2017 + 1.8 % + $7.0 B $(0.5) B + $4.86 EBIT-adj. Margin EBIT-adj. Adj. Auto FCF EPS-Diluted-adj. Non-GAAP 7.4% $2.8 B $4.2 B $1.43 vs. Q4 2017 (0.8) pts (8.3) % $(0.2) B (13.3) % 2018 GLOBAL VEHICLE SALES Since 2015, the share of U.S. industry sales of crossovers We navigated signifcant headwinds in 2018 to and trucks has risen 12 percentage points and in China deliver another year of strong results, by 7 percentage points. To capitalize on these trends, demonstrating the earnings resiliency of this GM has revamped its crossover lineup and is launching company. The actions we’ve been taking to all-new full-size pickups that will be followed by full- size SUVs early next year. “shape a stronger, more proftable portfolio of businesses position GM for long-term success.” In the U.S., GM delivered nearly 3 million vehicles, – Dhivya Suryadevara, CFO helped by crossover sales that topped 1 million for the year. Average transaction prices were a record of nearly $36,000, while incentives as a percent of ATPs fell 0.3 LIQUIDITY ($B) (excludes Cruise and GM Financial) percent year over year. Combined sales of the Chevrolet Silverado and Colorado, and the GMC Sierra and 2018 2017 Canyon, rose 3 percent versus 2017. Cash and Current Marketable Securities 19.6 19.6 In the midst of a softening market in China, GM delivered 3.65 million vehicles. Cadillac deliveries in Total Liquidity 33.8 33.6 China surpassed 200,000 units, rising 17.2 percent for the year, while the brand’s global sales increased 7.2 percent. PENSION UPDATE GM’s U.S. pension underfunded position decreased Through Dec. 31, 2018, the company sold 8.4 million from $5.8 billion in 2017 to $5.1 billion by year-end 2018 vehicles globally. For details on GM’s global sales, click while the company’s non-U.S. pension underfunded here. position decreased from $8.3 billion to $6.4 billion. SEGMENT RESULTS (EBIT-ADJUSTED—$B) North America International GM Cruise GM Financial (EBT) 2018 2017 2018 2017 2018 2017 2018 2017 10.8 11.9 0.4 1.3 (0.7) (0.6) 1.9 1.2 Q4 18 Q4 17 Q4 18 Q4 17 Q4 18 Q4 17 Q4 18 Q4 17 3.0 2.9 (0.0) 0.4 (0.2) (0.2) 0.4 0.3 Strong EBIT-adj. was driven Results include strong full- The Cruise AV test feet has Continued growth from GMF by the strength of the year China equity income fully transitioned to Gen 3 enabled the commencement company’s full-size truck of $2 billion, ofset by vehicles that are intended for of a dividend payment to GM franchise and ongoing cost u n f a v o r a b l e f o r e i g n commercial launch. Partnering in Q4 2018. d i s c i p l i n e t h a t o f s e t exchange impact of South with DoorDash, Cruise will commodity headwinds and American currencies, which now pilot food deliveries in San downtime volume impact. continued through Q4. Francisco.

MEDIA CONTACT INVESTOR CONTACT Tom Henderson Michael Heifler GM Finance Communications GM Investor Relations Media Investors 313-410-2704 313-418-0220 tom.e.henderson@gm.com michael.heifler@gm.com 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 Cadillac, Chevrolet, Baojun, Buick, GMC, Holden, Jiefang and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, Maven, its personal mobility brand, and Cruise, its autonomous vehicle ridesharing company, can be found at gm.com. Cautionary Note on Forward-Looking Statements: This press release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers not to place undue reliance on forward-looking statements. Statements including words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “efect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions to identify forward-looking statements represent our current judgment about possible future events. In making these statements we rely upon 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. These statements are not guarantees of future performance; they involve risks and uncertainties and actual events or results may difer materially from these statements. Factors that might cause such diferences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond our control and are described in our Annual Report on Form 10-K for the year ended December 31, 2017, as well as additional factors we may describe from time to time in other flings with the U.S. Securities and Exchange Commission. 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 afect the subject of these statements, except where we are expressly required to do so by law. Basis of Presentation: The fnancial and operational information included in this press release relate to our continuing operations and not our discontinued operations, which consist of the Opel and Vauxhall businesses and certain other assets in Europe and the European fnancing subsidiaries and branches that were sold in 2017.