General Motors Company (GM) reported significant financial performance improvements for the third quarter and the first nine months of 2024, as detailed in its recent 10-Q filing. For the three months ended September 30, 2024, GM's net sales and revenue reached $48,757 million, a 10.5% increase from $44,131 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $139,740 million, up 8.4% from $128,863 million in 2023.
Operating income for Q3 2024 was $3,651 million, compared to $3,013 million in Q3 2023, while net income for the quarter was $3,008 million, slightly up from $2,994 million year-over-year. Net income attributable to stockholders for Q3 2024 was $3,056 million, marginally down from $3,064 million in the prior year. Basic earnings per share increased to $2.71 from $2.21 in Q3 2023, reflecting improved profitability.
The automotive segment's net sales for the nine months ended September 30, 2024, totaled $128,007 million, an increase of 8.1% from $118,403 million in 2023. GM Financial also saw revenue growth, with net sales of $11,761 million for the nine months, up 12.2% from $10,482 million in the previous year.
On the balance sheet, GM reported total assets of $289,289 million as of September 30, 2024, up from $273,064 million at the end of 2023. Cash and cash equivalents increased to $23,744 million from $18,853 million, contributing to a total liquidity of $40.2 billion, up from $36.3 billion at the end of 2023.
However, GM faced challenges in its international operations, particularly in China, where joint ventures reported a net loss of $282 million for Q3 2024, compared to a profit of $485 million in Q3 2023. This decline was attributed to decreased sales volumes and market share in the region.
Strategically, GM has been active in share repurchase programs, having repurchased approximately 53 million shares for $2.4 billion in the first nine months of 2024. The company also announced an increase in its share repurchase authorization by $6.0 billion in June 2024.
Restructuring charges for the third quarter totaled $150 million, with ongoing initiatives aimed at optimizing operations and reducing costs. GM anticipates capital expenditures of approximately $10.5 billion to $11.5 billion in 2024, focusing on investments in battery cell manufacturing and other strategic areas.
Overall, GM's financial results reflect a robust performance in North America, despite challenges in international markets, and a continued focus on strategic investments and shareholder returns.
About General Motors Co
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