GM Files Q3 2024 10-Q with Segmental Financials

TL;DR

GM's Q3 10-Q is in, showing detailed financials for Auto & GM Financial vs. last year. Check the numbers!

AI Summary

General Motors Co. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance across its Automotive and GM Financial segments for the third quarter and the first nine months of 2024, comparing them to the same periods in 2023. Specific financial figures and operational data are presented for these segments.

Why It Matters

This filing provides investors with the latest financial results and operational details for General Motors, crucial for understanding the company's performance and future outlook in the automotive sector.

Risk Assessment

Risk Level: medium — The filing contains information about potential legal proceedings, such as class action lawsuits related to airbags, which could have financial implications.

Key Players & Entities

• General Motors Co. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-22 (date) — Filing date
• Automotive (company_segment) — Key business segment reported
• GM Financial (company_segment) — Key business segment reported

FAQ

Key Financial Figures

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

Filing Documents

• gm-20240930.htm (10-Q) — 2988KB
• ex-101xamendedsenioradviso.htm (EX-10.1) — 12KB
• ex-311x09302024.htm (EX-31.1) — 9KB
• ex-312x09302024.htm (EX-31.2) — 9KB
• ex-32x09302024.htm (EX-32) — 6KB
• gm-20240930_g1.jpg (GRAPHIC) — 12KB
• 0001467858-24-000117.txt ( ) — 13999KB
• gm-20240930.xsd (EX-101.SCH) — 62KB
• gm-20240930_cal.xml (EX-101.CAL) — 96KB
• gm-20240930_def.xml (EX-101.DEF) — 410KB
• gm-20240930_lab.xml (EX-101.LAB) — 793KB
• gm-20240930_pre.xml (EX-101.PRE) — 587KB
• gm-20240930_htm.xml (XML) — 3004KB

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 8 Note 4. GM Financial Receivables and Transactions 9 Note 5. Inventories 12 Note 6. Equipment on Operating Leases 12 Note 7. Equity in Net Assets of Nonconsolidated Affiliates 13 Note 8. Variable Interest Entities 13 Note 9. Debt 15 Note 10. Derivative Financial Instruments 16 Note 11. Product Warranty and Related Liabilities 17 Note 12. Pensions and Other Postretirement Benefits 18 Note 13. Commitments and Contingencies 18 Note 14. Income Taxes 22 Note 15. Restructuring and Other Initiatives 22 Note 16. Stockholders' Equity and Noncontrolling Interests 23 Note 17. Earnings Per Share 24 Note 18. Stock Incentive Plans 25 Note 19. Segment Reporting 25

Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk 47

Item 3. Quantitative and Qualitative Disclosures About Market Risk 47

Controls and Procedures 48

Item 4. Controls and Procedures 48 PART II

Legal Proceedings 49

Item 1. Legal Proceedings 49

Risk Factors 49

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds 50

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Other Information 50

Item 5. Other Information 50

Exhibits 51

Item 6. Exhibits 51 Signature 52 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 Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net sales and revenue Automotive $ 44,735 $ 40,498 $ 128,008 $ 118,398 GM Financial 4,021 3,633 11,732 10,465 Total net sales and revenue (Note 2) 48,757 44,131 139,740 128,863 Costs and expenses Automotive and other cost of sales 39,007 35,842 111,618 104,721 GM Financial interest, operating and other expenses 3,353 2,933 9,568 8,313 Automotive and other selling, general and administrative expense 2,745 2,344 7,292 7,449 Total costs and expenses 45,105 41,118 128,478 120,483 Operating income (loss) 3,651 3,013 11,262 8,380 Automotive interest expense 206 229 631 689 Interest income and other non-operating income, net 394 453 756 1,219 Equity income (loss) (Note 7) ( 122 ) 227 ( 311 ) 357 Income (loss) before income taxes 3,717 3,464 11,076 9,267 Income tax expense (benefit) (Note 14) 709 470 2,238 1,421 Net income (loss) 3,008 2,994 8,837 7,846 Net loss (income) attributable to noncontrolling interests 48 70 132 179 Net income (loss) attributable to stockholders $ 3,056 $ 3,064 $ 8,969 $ 8,026 Net income (loss) attributable to common stockholders $ 3,029 $ 3,038 $ 8,914 $ 7,946 Earnings per share (Note 17) Basic earnings per common share $ 2.71 $ 2.21 $ 7.85 $ 5.74 Weighted-average common shares outstanding – basic 1,116 1,372 1,136 1,384 Diluted earnings per common share $ 2.68 $ 2.20 $ 7.77 $ 5.72 Weighted-average common shares outstanding – diluted 1,131 1,378 1,147 1,390 Dividends declared per common share $ 0.12 $ 0.09 $ 0.36 $ 0.27 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net income (loss) $ 3,008 $ 2,994 $

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View this 10-Q filing on SEC EDGAR