Stock Monitor: Kandi Technologies Group Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 17, 2018 / If you want access to our free earnings report on General Motors Co. (NYSE: GM) (“GM”), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GM. On April 26, 2018, GM reported financial results for the first quarter of 2018 ending March 31, 2018. The Company's first quarter results reflect profitability in all operating segments and record earnings in China and from GM Financial. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
GM's total revenues for Q1 FY18 reached $36.1 billion, reflecting a decrease of 3.13% from $37.27 billion in Q1 FY17. The reported total revenue number exceeded analysts' consensus estimates by $1.43 billion.
In the quarter under review, GM had total automotive sales of $32.69 billion, down 5.30% from $34.52 billion in the previous year's same quarter. In Q1 FY18, the Company delivered 715,794 vehicles in the United States, a y-o-y increase of 4% and came in ahead of an estimated industry increase of 2%. GM Financial had total sales of $3.41 billion in Q1 FY18, up 24.06% from $2.75 billion in Q1 FY17.
During Q1 FY18, GM incurred total costs and expenses of $35.57 billion, 2.56% higher than the $34.68 billion reported in Q1 FY17. The Company had an operating income of $529 million in Q1 FY18 compared to $2.58 billion in Q1 FY17.
GM's income from continuing operations attributable to common stockholders was $1.10 billion for the quarter ending March 31, 2018, down from $2.68 billion in the same period last year. The Company's diluted earnings per share (DEPS) from continuing operations also fell 56% to $0.77 in the reported quarter from $1.75 in the year ago same quarter. The reported earnings included GMI restructuring expenses. GM had an adjusted EBIT (earnings before interest and tax) of $2.61 billion in Q1 FY18 compared to $3.55 billion in Q1 FY17. The Company had an adjusted DEPS of $1.43 in the quarter under review, a decrease of 18.29% from $1.75 in the year-ago corresponding quarter. This exceeded analysts' consensus estimates by $0.16 per share.
During Q1 FY18, GM North America (GMNA) segment had an adjusted EBIT of $2.23 billion, a decrease of 35.67% on a y-o-y basis due to planned downtime in support of new full-size truck launches.
GM International (GMI) segment reported an adjusted EBIT of $189 million in Q1 FY18, an increment of 6.18% from Q1 FY17. This was driven by record equity income in China of $0.6 billion and continued improvement in South America.
For Q1 FY18, General Motors' Financial Company (GM Financial) segment had a record adjusted EBT of $443 million, an increase of 94.30% from prior year's same quarter. This was driven by strong retail originations and stable credit and residual performance.
GM had combined cash and cash equivalents of $14.26 billion as on March 31, 2018, 8.10% lower than $15.51 billion as on December 31, 2017. GM's automotive division's long-term debt declined 0.27% on a y-o-y basis to $10.96 billion, while its GM Financial debt increased 3.99% to $58.51 billion on a y-o-y basis at the end of Q1 FY18.
GM's cashflow from operating activities of continuing operations was $448 million in Q1 FY18 compared to $1.80 billion in Q1 FY17. The Company had an adjusted automotive free cash outflow of $3.46 billion in the reported quarter compared to an outflow of $583 million in the previous year's same quarter. The decrease in operating cash flow was due to planned, lower full-size truck production, and incremental capital spending to support the launches of GM's all-new Chevrolet Silverado, GMC Sierra, and GEM.
GM spent $2.27 billion on purchases of property in Q1 FY18, 31.33% lower than $1.73 billion in Q1 FY17. The Company distributed dividends of $566 million in the reported quarter, 1.22% lower than $573 million in the prior year's corresponding quarter. GM spent $100 million on repurchases of common stock in Q1 FY18.
On April 25, 2018, GM declared the second quarter 2018 dividend of $0.38 per outstanding share of common stock, payable on June 22, 2018, to all common shareholders of record at the close of business on June 08, 2018.
Stock Performance Snapshot
May 16, 2018 - At Wednesday's closing bell, General Motors' stock climbed 2.95%, ending the trading session at $38.03.
Volume traded for the day: 8.03 million shares.
Stock performance in the past twelve-month period – up 13.79%
After yesterday's close, General Motors' market cap was at $52.69 billion.
Price to Earnings (P/E) ratio was at 9.15.
The stock has a dividend yield of 4.00%.
The stock is part of the Consumer Goods sector, categorized under the Auto Manufacturers - Major industry. This sector was up 0.7% at the end of the session.
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