General Motors Co. (NYSE: GM) today reported 2019 full-year earnings that were heavily damaged by a UAW strike in Q3 and Q4. However, sales of GM’s all-new full-size pickups and the company’s ongoing cost-cutting actions ameliorated what would have been a total rout for GM investors.
U.S. market share declined year-over-year because of the UAW strike and discontinuation of some passenger cars. China market share declined y-o-y due to segment shifts, lower demand for outgoing models and the slower rate of adoption of new fuel-efficient technology.
GM Full-Year 2019
- EPS-diluted of $4.57 and EPS-diluted-adjusted of $4.82 EPS-diluted-adjusted includes $(1.89) impact from the strike, and a $0.12 benefit from Lyft and PSA revaluations
- Full-year income of $6.7 billion and EBIT-adjusted of $8.4 billion, which includes a $(3.6) billion impact from the strike
- Full-year EBIT-adjusted margin of 6.1% GM North America EBIT-adjusted of $8.2 billion, and EBIT-adjusted margin of 7.7%
- GM Financial reported record EBT-adjusted of $2.1 billion
GM Q4 2019
- EPS-diluted of $(0.16) and EPS-diluted-adjusted of $0.05 (EPS-diluted-adjusted includes a $(1.39) impact from the strike and $(0.02) impact from Lyft and PSA revaluations.
- Revenue of $30.8 billion
- GM North America EBIT-adjusted of $0.3 billion
- Record GM Financial EBT-adjusted of $0.5 billion.