General Motors Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>General Motors Co. has filed its Q1 2024 10-Q report, detailing financial performance and segment data.</b>

AI Summary

General Motors Co (GM) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. General Motors Co. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data points and segment information are included in the report. The report details financial activities for both the Automotive and GM Financial segments. Balance sheet information as of March 31, 2024, and comparative periods is provided.

Why It Matters

For investors and stakeholders tracking General Motors Co, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results, crucial for assessing the company's ongoing performance and strategic execution. Understanding the segment-specific data (Automotive and GM Financial) allows for a deeper analysis of where General Motors is generating revenue and profit.

Risk Assessment

Risk Level: medium — General Motors Co shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the automotive industry is subject to significant market and operational risks that are detailed within such filings.

Analyst Insight

Review the detailed segment revenues and net income figures to understand the performance drivers for GM's Automotive and GM Financial businesses in Q1 2024.

Key Numbers

• 2024-03-31 — Report Period End Date (Quarterly period ended)
• 2024-01-01 — Report Period Start Date (Quarterly period started)
• 2024-04-23 — Filing Date (Date the 10-Q was filed)

Key Players & Entities

• General Motors Co. (company) — Filer of the 10-Q report
• 300 RENAISSANCE CENTER (address) — Business and mailing address
• DETROIT (location) — City for business and mailing address
• MI (location) — State for business and mailing address
• 48265-3000 (postal_code) — ZIP code for business and mailing address

FAQ

Industry Context

General Motors operates within the highly competitive global automotive industry, which is undergoing significant transformation due to electrification and autonomous driving technologies.

Regulatory Implications

As a publicly traded company, General Motors is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, net income, and cash flow for both the Automotive and GM Financial segments.
2. Examine any disclosures regarding forward-looking statements, risks, or significant events that may impact future performance.
3. Compare the Q1 2024 results against prior periods (e.g., Q1 2023) to identify trends and changes in financial health.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-04-23: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the first quarterly report for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value GM New York Stock Exchange

Filing Documents

• gm-20240331.htm (10-Q) — 2270KB
• ex-101xrsuawardagreementno.htm (EX-10.1) — 36KB
• ex-102xpsuawardagreementno.htm (EX-10.2) — 38KB
• ex-311x03312024.htm (EX-31.1) — 9KB
• ex-312x03312024.htm (EX-31.2) — 9KB
• ex-32x03312024.htm (EX-32) — 6KB
• gm-20240331_g1.jpg (GRAPHIC) — 12KB
• 0001467858-24-000076.txt (&nbsp;) — 11718KB
• gm-20240331.xsd (EX-101.SCH) — 63KB
• gm-20240331_cal.xml (EX-101.CAL) — 96KB
• gm-20240331_def.xml (EX-101.DEF) — 410KB
• gm-20240331_lab.xml (EX-101.LAB) — 765KB
• gm-20240331_pre.xml (EX-101.PRE) — 576KB
• gm-20240331_htm.xml (XML) — 2254KB

Condensed Consolidated Financial Statements 1

Item 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Income Statements (Unaudited) 1 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 1 Condensed Consolidated Balance Sheets (Unaudited) 2 Condensed Consolidated Statements of Cash Flows (Unaudited) 3 Condensed Consolidated Statements of Equity (Unaudited) 4 Notes to Condensed Consolidated Financial Statements 5 Note 1. Nature of Operations and Basis of Presentation 5 Note 2. Revenue 6 Note 3. Marketable and Other Securities 7 Note 4. GM Financial Receivables and Transactions 8 Note 5. Inventories 11 Note 6. Equipment on Operating Leases 11 Note 7. Equity in Net Assets of Nonconsolidated Affiliates 12 Note 8. Variable Interest Entities 12 Note 9. Debt 14 Note 10. Derivative Financial Instruments 15 Note 11. Product Warranty and Related Liabilities 16 Note 12. Pensions and Other Postretirement Benefits 16 Note 13. Commitments and Contingencies 17 Note 14. Income Taxes 20 Note 15. Restructuring and Other Initiatives 20 Note 16. Stockholders' Equity and Noncontrolling Interests 21 Note 17. Earnings Per Share 22 Note 18. Segment Reporting 22

Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk 41

Item 3. Quantitative and Qualitative Disclosures About Market Risk 41

Controls and Procedures 42

Item 4. Controls and Procedures 42 PART II

Legal Proceedings 43

Item 1. Legal Proceedings 43

Risk Factors 43

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds 44

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44

Other Information 44

Item 5. Other Information 44

Exhibits 45

Item 6. Exhibits 45 Signature 46 Table of Contents GENERAL MOTORS COMPANY AND SUBSIDIARIES PART I

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements CONDENSED CONSOLIDATED INCOME STATEMENTS (In millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2024 March 31, 2023 Net sales and revenue Automotive $ 39,212 $ 36,646 GM Financial 3,802 3,339 Total net sales and revenue (Note 2) 43,014 39,985 Costs and expenses Automotive and other cost of sales 33,996 32,247 GM Financial interest, operating and other expenses 3,106 2,612 Automotive and other selling, general and administrative expense 2,175 2,547 Total costs and expenses 39,277 37,407 Operating income (loss) 3,738 2,578 Automotive interest expense 219 234 Interest income and other non-operating income, net 302 409 Equity income (loss) (Note 7) ( 105 ) 21 Income (loss) before income taxes 3,715 2,775 Income tax expense (benefit) (Note 14) 762 428 Net income (loss) 2,953 2,346 Net loss (income) attributable to noncontrolling interests 27 49 Net income (loss) attributable to stockholders $ 2,980 $ 2,395 Net income (loss) attributable to common stockholders $ 2,970 $ 2,369 Earnings per share (Note 17) Basic earnings per common share $ 2.57 $ 1.70 Weighted-average common shares outstanding – basic 1,155 1,396 Diluted earnings per common share $ 2.56 $ 1.69 Weighted-average common shares outstanding – diluted 1,162 1,402 Dividends declared per common share $ 0.12 $ 0.09 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) Three Months Ended March 31, 2024 March 31, 2023 Net income (loss) $ 2,953 $ 2,346 Other comprehensive income (loss), net of tax (Note 16) Foreign currency translation adjustments and other ( 335 ) 148 Defined benefit plans 76 ( 35 ) Other comprehensive income (loss), net of tax ( 259 ) 113 Comprehensive income (loss) 2,694 2,460 Comprehensive loss (income) attributable to noncontrolling interests 73 58 Comprehensive income (loss) attributable to stockholders $ 2,768 $ 2,518 Reference should

View Full Filing

View this 10-Q filing on SEC EDGAR