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2021-05-06
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General Motors' Profit Crushed Wall Street's Estimate Despite the Chip Shortage<blockquote>尽管芯片短缺，通用汽车利润仍超出华尔街预期</blockquote>
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GM's revenue, $32.5 billion, was roughly in line with estimates -- a sign that Wall Street underestimated GM's ability to generate a strong profit margin amid the chip shortage.</p><p><blockquote>按每股计算，不包括一次性项目，通用汽车第一季度每股收益为 2.25 美元，超过了汤森路透调查的华尔街分析师每股 1.04 美元的平均预期。通用汽车的收入为 325 亿美元，大致符合预期，这表明华尔街低估了通用汽车在芯片短缺的情况下产生强劲利润率的能力。</blockquote></p><p> On a similar note, GM also said that it now expects its full-year pre-tax profit to hit the high end of its guidance range.</p><p><blockquote>同样，通用汽车还表示，目前预计全年税前利润将达到指导范围的高端。</blockquote></p><p> What GM said about the chip shortage</p><p><blockquote>通用汽车对芯片短缺的看法</blockquote></p><p> In a letter to shareholders, CEO Mary Barra cited \"the speed and agility of our team\" as a key factor in GM's ability to navigate through the chip shortage relatively unscathed.</p><p><blockquote>首席执行官玛丽·巴拉 (Mary Barra) 在致股东的一封信中指出，“我们团队的速度和敏捷性”是通用汽车能够相对毫发无损地度过芯片短缺的关键因素。</blockquote></p><p> \"Our supply chain and manufacturing teams are maximizing production of high-demand and capacity-constrained vehicles,\" Barra wrote. \"Our engineering teams are creating effective alternative solutions, and our sales teams, together with our dealers, are finding creative ways to satisfy customers despite lean inventories.\"</p><p><blockquote>巴拉写道：“我们的供应链和制造团队正在最大限度地生产高需求和产能受限的车辆。”“我们的工程团队正在创建有效的替代解决方案，我们的销售团队与我们的经销商一起正在寻找创造性的方法来满足客户的需求，尽管库存很少。”</blockquote></p><p> Barra said that while GM does expect to have more production cuts in the current quarter, it still expects its overall first-half results to be quite strong. She also reiterated GM'sprior guidance for the full year,which calls for an adjusted operating profit between $10 billion and $11 billion -- and said that the company now expects its result to come in at the \"higher end\" of the range.</p><p><blockquote>巴拉表示，尽管通用汽车预计本季度将有更多减产，但仍预计其上半年整体业绩将相当强劲。她还重申了通用汽车之前对全年的指引，即评级调整后营业利润在 100 亿至 110 亿美元之间，并表示该公司现在预计其业绩将处于该范围的“高端”。</blockquote></p><p> Highlights of GM's first-quarter result</p><p><blockquote>通用汽车第一季度业绩亮点</blockquote></p><p> <ul> <li>As expected, GM's North America unit benefited as the chip shortage forced the company to prioritize production of high-profit pickups and SUVs for retail customers -- and as industrywide shortages ensured that GM could sell all the trucks it could make at strong prices. The unit generated $3.13 billion in adjusted earnings before interest and tax (\"EBIT-adjusted,\" in GM speak), up from about $2.2 billion in the first quarter of 2020.</li> <li>GM's EBIT-adjusted margin in North America, a widely watched figure, was a stout 12.1%, up from 8.5% a year ago.</li> <li>GM International, the company's rest-of-the-world unit, generated EBIT-adjusted of $308 million, versus a loss of $551 million a year earlier. Much of the difference was attributable to improvements in China, which was effectively shut down for much of the first quarter of 2020 as the initial outbreak of COVID-19 peaked in that county.</li> <li>GM's equity income from its joint ventures with Chinese automakers was $308 million, up from a loss of $167 million a year ago.</li> <li>Cruise, GM's self-driving subsidiary, posted an EBIT-adjusted loss of $229 million, versus a loss of $228 million a year ago. Cruise has hit several important milestones in recent months, but it isn't yet generating any meaningful revenue.</li> <li>GM Financial, the company's financial-services subsidiary, generated adjusted pre-tax profit of $1.18 billion, up from $230 million a year ago. Better auction prices for returned leased vehicles, plus the recovery in China, was most of the story here.</li> </ul> Cash, debt, and special items</p><p><blockquote><ul><li>正如预期的那样，通用汽车的北美部门受益，因为芯片短缺迫使该公司优先为零售客户生产高利润的皮卡和 SUV，而且全行业的短缺确保了通用汽车能够以强劲的价格出售其生产的所有卡车。该部门调整后息税前利润为 31.3 亿美元（通用汽车所说的“息税前利润调整后”），高于 2020 年第一季度的约 22 亿美元。</li><li>广受关注的通用汽车在北美的息税前利润率（EBIT 调整后利润率）高达 12.1%，高于一年前的 8.5%。</li><li>该公司在世界其他地区的子公司通用汽车国际公司调整后息税前利润为 3.08 亿美元，而去年同期亏损 5.51 亿美元。这一差异在很大程度上归因于中国的改善，由于 COVID-19 最初爆发在该县达到顶峰，中国在 2020 年第一季度的大部分时间里实际上处于关闭状态。</li><li>通用汽车与中国汽车制造商合资企业的股权收入为3.08亿美元，高于一年前的1.67亿美元亏损。</li><li>通用汽车的自动驾驶子公司 Cruise 公布，经息税前利润调整后亏损为 2.29 亿美元，而一年前亏损为 2.28 亿美元。近几个月来，Cruise 已经达到了几个重要的里程碑，但尚未产生任何有意义的收入。</li><li>该公司的金融服务子公司通用汽车金融公司调整后税前利润为 11.8 亿美元，高于去年同期的 2.3 亿美元。归还租赁车辆的更好拍卖价格，加上中国的复苏，是这里故事的大部分。</li></ul>现金、债务和特殊项目</blockquote></p><p> As of March 31, GM had $19 billion in cash, plus another $18.2 billion in credit lines available to its automotive businesses, for total \"automotive liquidity\" of $37.2 billion. Against that, it had a total of $17.6 billion in debt attributable to its automotive business, up slightly from the end of 2020.</p><p><blockquote>截至 3 月 31 日，通用汽车拥有 190 亿美元现金，加上其汽车业务可获得的另外 182 亿美元信贷额度，“汽车流动性”总额为 372 亿美元。相比之下，该公司汽车业务的债务总额为 176 亿美元，比 2020 年底略有增加。</blockquote></p><p> GM took no significant special items in the first quarter of 2021. A year ago, it booked $489 million in one-time charges related to restructuring in Australia, New Zealand, and Thailand.</p><p><blockquote>通用汽车在2021年第一季度没有采取重大特殊项目。一年前，该公司在澳大利亚、新西兰和泰国的重组相关一次性费用为 4.89 亿美元。</blockquote></p><p> Looking ahead: GM reiterated its 2021 guidance with an upbeat note</p><p><blockquote>展望未来：通用汽车以乐观的语气重申了 2021 年指引</blockquote></p><p> As I mentioned above, GM reiterated the full-year guidance it provided in February, with a new note that it now expects its results to come in at the high end of the ranges. For reference, here's what GM toldauto investorsto expect in 2021:</p><p><blockquote>正如我上面提到的，通用汽车重申了其在二月份提供的全年指引，并新指出，它现在预计其业绩将处于该范围的高端。作为参考，以下是通用汽车投资者对 2021 年的预期：</blockquote></p><p> <ul> <li>EBIT-adjusted between $10 billion and $11 billion. (2020 result: $9.7 billion.)</li> <li>Adjusted earnings per share between $4.50 and $5.25. (2020: $4.90.)</li> <li>Adjusted automotive free cash flow between $1 billion and $2 billion. (2020: $2.6 billion.)</li> </ul> That guidance includes GM's current estimate of the net impact of the ongoing semiconductor shortage, $1.5 billion to $2 billion of EBIT-adjusted, and $1.5 billion to $2.5 billion of adjusted automotive free cash flow. But, GM said, the chip shortage will not affect its electric-vehicle and longer-term growth plans, and the company will continue to prioritize production of pickups, its new full-size SUVs, and electric vehicles in the near term.</p><p><blockquote><ul><li>息税前利润调整在 100 亿至 110 亿美元之间。（2020年业绩：97亿美元。）</li><li>调整后每股收益在 4.50 美元至 5.25 美元之间。(2020:$4.90.)</li><li>调整后的汽车自由现金流在 10 亿美元至 20 亿美元之间。（2020年：26亿美元。）</li></ul>该指导包括通用汽车目前对持续半导体短缺净影响的估计、15 亿至 20 亿美元的息税前利润调整后以及 15 亿至 25 亿美元的调整后汽车自由现金流。但是，通用汽车表示，芯片短缺不会影响其电动汽车和长期增长计划，该公司将在短期内继续优先生产皮卡、新型全尺寸SUV和电动汽车。</blockquote></p><p> The raw numbers</p><p><blockquote>原始数字</blockquote></p><p></p><p> <table> <tbody> <tr> <th>Metric</th> <th>Q1 2021</th> <th>Q1 2020</th> </tr> <tr> <td>Revenue</td> <td>$32.474 billion</td> <td>$32.709 billion</td> </tr> <tr> <td>Global deliveries</td> <td>821,000</td> <td>966,000</td> </tr> <tr> <td>EBIT-adjusted</td> <td>$4.417 billion</td> <td>$1.250 billion</td> </tr> <tr> <td>EBIT-adjusted margin</td> <td>13.6%</td> <td>3.8%</td> </tr> <tr> <td>Net income</td> <td>$3.022 billion</td> <td>$294 million</td> </tr> <tr> <td>Adjusted earnings per share</td> <td>$2.25</td> <td>$0.62</td> </tr> <tr> <td>Adjusted automotive free cash flow</td> <td>($1.932 billion)</td> <td>($903 million)</td> </tr> </tbody> </table> DATA SOURCE: GENERAL MOTORS. EBIT = EARNINGS BEFORE INTEREST AND TAX. \"ADJUSTED\" FIGURES EXCLUDE ONE-TIME SPECIAL ITEMS AND ARE USED TO FACILITATE YEAR-OVER-YEAR COMPARISONS. \"AUTOMOTIVE\" ITEMS EXCLUDE RESULTS RELATED TO GM FINANCIAL.</p><p><blockquote><table><tbody><tr><th>度量</th><th>2021年第一季度</th><th>2020年第一季度</th></tr><tr><td>收入</td><td>324.74亿美元</td><td>327.09亿美元</td></tr><tr><td>全球交付</td><td>821,000</td><td>966,000</td></tr><tr><td>息税前利润调整</td><td>44.17亿美元</td><td>12.50亿美元</td></tr><tr><td>息税前利润调整后利润率</td><td>13.6%</td><td>3.8%</td></tr><tr><td>净收入</td><td>30.22亿美元</td><td>2.94亿美元</td></tr><tr><td>调整后每股盈利</td><td>$2.25</td><td>$0.62</td></tr><tr><td>调整后的汽车自由现金流</td><td>（19.32亿美元）</td><td>（9.03亿美元）</td></tr></tbody></table>数据来源：通用汽车。息税前利润=息税前利润。“调整”数字不包括一次性特殊项目，用于促进同比比较。“汽车”项目不包括与通用汽车金融相关的业绩。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>General Motors' Profit Crushed Wall Street's Estimate Despite the Chip Shortage<blockquote>尽管芯片短缺，通用汽车利润仍超出华尔街预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGeneral Motors' Profit Crushed Wall Street's Estimate Despite the Chip Shortage<blockquote>尽管芯片短缺，通用汽车利润仍超出华尔街预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The motley fool</strong><span class=\"h-time small\">2021-05-06 10:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>General Motors</b>(NYSE:GM)surprised Wall Street with a first-quarter net profit of $3 billion, up from just$294 million a year ago, despite aseries of production disruptionsamid a global semiconductor shortage.</p><p><blockquote><b>通用汽车</b>（纽约证券交易所股票代码：GM）尽管全球半导体短缺导致一系列生产中断，但第一季度净利润仍达到 30 亿美元，高于去年同期的 2.94 亿美元，令华尔街感到惊讶。</blockquote></p><p> On a per-share basis, excluding one-time items, GM earned $2.25 per share in the first quarter, crushing the $1.04 per-share average estimate from Wall Street analysts surveyed by Thomson Reuters. GM's revenue, $32.5 billion, was roughly in line with estimates -- a sign that Wall Street underestimated GM's ability to generate a strong profit margin amid the chip shortage.</p><p><blockquote>按每股计算，不包括一次性项目，通用汽车第一季度每股收益为 2.25 美元，超过了汤森路透调查的华尔街分析师每股 1.04 美元的平均预期。通用汽车的收入为 325 亿美元，大致符合预期，这表明华尔街低估了通用汽车在芯片短缺的情况下产生强劲利润率的能力。</blockquote></p><p> On a similar note, GM also said that it now expects its full-year pre-tax profit to hit the high end of its guidance range.</p><p><blockquote>同样，通用汽车还表示，目前预计全年税前利润将达到指导范围的高端。</blockquote></p><p> What GM said about the chip shortage</p><p><blockquote>通用汽车对芯片短缺的看法</blockquote></p><p> In a letter to shareholders, CEO Mary Barra cited \"the speed and agility of our team\" as a key factor in GM's ability to navigate through the chip shortage relatively unscathed.</p><p><blockquote>首席执行官玛丽·巴拉 (Mary Barra) 在致股东的一封信中指出，“我们团队的速度和敏捷性”是通用汽车能够相对毫发无损地度过芯片短缺的关键因素。</blockquote></p><p> \"Our supply chain and manufacturing teams are maximizing production of high-demand and capacity-constrained vehicles,\" Barra wrote. \"Our engineering teams are creating effective alternative solutions, and our sales teams, together with our dealers, are finding creative ways to satisfy customers despite lean inventories.\"</p><p><blockquote>巴拉写道：“我们的供应链和制造团队正在最大限度地生产高需求和产能受限的车辆。”“我们的工程团队正在创建有效的替代解决方案，我们的销售团队与我们的经销商一起正在寻找创造性的方法来满足客户的需求，尽管库存很少。”</blockquote></p><p> Barra said that while GM does expect to have more production cuts in the current quarter, it still expects its overall first-half results to be quite strong. She also reiterated GM'sprior guidance for the full year,which calls for an adjusted operating profit between $10 billion and $11 billion -- and said that the company now expects its result to come in at the \"higher end\" of the range.</p><p><blockquote>巴拉表示，尽管通用汽车预计本季度将有更多减产，但仍预计其上半年整体业绩将相当强劲。她还重申了通用汽车之前对全年的指引，即评级调整后营业利润在 100 亿至 110 亿美元之间，并表示该公司现在预计其业绩将处于该范围的“高端”。</blockquote></p><p> Highlights of GM's first-quarter result</p><p><blockquote>通用汽车第一季度业绩亮点</blockquote></p><p> <ul> <li>As expected, GM's North America unit benefited as the chip shortage forced the company to prioritize production of high-profit pickups and SUVs for retail customers -- and as industrywide shortages ensured that GM could sell all the trucks it could make at strong prices. The unit generated $3.13 billion in adjusted earnings before interest and tax (\"EBIT-adjusted,\" in GM speak), up from about $2.2 billion in the first quarter of 2020.</li> <li>GM's EBIT-adjusted margin in North America, a widely watched figure, was a stout 12.1%, up from 8.5% a year ago.</li> <li>GM International, the company's rest-of-the-world unit, generated EBIT-adjusted of $308 million, versus a loss of $551 million a year earlier. Much of the difference was attributable to improvements in China, which was effectively shut down for much of the first quarter of 2020 as the initial outbreak of COVID-19 peaked in that county.</li> <li>GM's equity income from its joint ventures with Chinese automakers was $308 million, up from a loss of $167 million a year ago.</li> <li>Cruise, GM's self-driving subsidiary, posted an EBIT-adjusted loss of $229 million, versus a loss of $228 million a year ago. Cruise has hit several important milestones in recent months, but it isn't yet generating any meaningful revenue.</li> <li>GM Financial, the company's financial-services subsidiary, generated adjusted pre-tax profit of $1.18 billion, up from $230 million a year ago. Better auction prices for returned leased vehicles, plus the recovery in China, was most of the story here.</li> </ul> Cash, debt, and special items</p><p><blockquote><ul><li>正如预期的那样，通用汽车的北美部门受益，因为芯片短缺迫使该公司优先为零售客户生产高利润的皮卡和 SUV，而且全行业的短缺确保了通用汽车能够以强劲的价格出售其生产的所有卡车。该部门调整后息税前利润为 31.3 亿美元（通用汽车所说的“息税前利润调整后”），高于 2020 年第一季度的约 22 亿美元。</li><li>广受关注的通用汽车在北美的息税前利润率（EBIT 调整后利润率）高达 12.1%，高于一年前的 8.5%。</li><li>该公司在世界其他地区的子公司通用汽车国际公司调整后息税前利润为 3.08 亿美元，而去年同期亏损 5.51 亿美元。这一差异在很大程度上归因于中国的改善，由于 COVID-19 最初爆发在该县达到顶峰，中国在 2020 年第一季度的大部分时间里实际上处于关闭状态。</li><li>通用汽车与中国汽车制造商合资企业的股权收入为3.08亿美元，高于一年前的1.67亿美元亏损。</li><li>通用汽车的自动驾驶子公司 Cruise 公布，经息税前利润调整后亏损为 2.29 亿美元，而一年前亏损为 2.28 亿美元。近几个月来，Cruise 已经达到了几个重要的里程碑，但尚未产生任何有意义的收入。</li><li>该公司的金融服务子公司通用汽车金融公司调整后税前利润为 11.8 亿美元，高于去年同期的 2.3 亿美元。归还租赁车辆的更好拍卖价格，加上中国的复苏，是这里故事的大部分。</li></ul>现金、债务和特殊项目</blockquote></p><p> As of March 31, GM had $19 billion in cash, plus another $18.2 billion in credit lines available to its automotive businesses, for total \"automotive liquidity\" of $37.2 billion. Against that, it had a total of $17.6 billion in debt attributable to its automotive business, up slightly from the end of 2020.</p><p><blockquote>截至 3 月 31 日，通用汽车拥有 190 亿美元现金，加上其汽车业务可获得的另外 182 亿美元信贷额度，“汽车流动性”总额为 372 亿美元。相比之下，该公司汽车业务的债务总额为 176 亿美元，比 2020 年底略有增加。</blockquote></p><p> GM took no significant special items in the first quarter of 2021. A year ago, it booked $489 million in one-time charges related to restructuring in Australia, New Zealand, and Thailand.</p><p><blockquote>通用汽车在2021年第一季度没有采取重大特殊项目。一年前，该公司在澳大利亚、新西兰和泰国的重组相关一次性费用为 4.89 亿美元。</blockquote></p><p> Looking ahead: GM reiterated its 2021 guidance with an upbeat note</p><p><blockquote>展望未来：通用汽车以乐观的语气重申了 2021 年指引</blockquote></p><p> As I mentioned above, GM reiterated the full-year guidance it provided in February, with a new note that it now expects its results to come in at the high end of the ranges. For reference, here's what GM toldauto investorsto expect in 2021:</p><p><blockquote>正如我上面提到的，通用汽车重申了其在二月份提供的全年指引，并新指出，它现在预计其业绩将处于该范围的高端。作为参考，以下是通用汽车投资者对 2021 年的预期：</blockquote></p><p> <ul> <li>EBIT-adjusted between $10 billion and $11 billion. (2020 result: $9.7 billion.)</li> <li>Adjusted earnings per share between $4.50 and $5.25. (2020: $4.90.)</li> <li>Adjusted automotive free cash flow between $1 billion and $2 billion. (2020: $2.6 billion.)</li> </ul> That guidance includes GM's current estimate of the net impact of the ongoing semiconductor shortage, $1.5 billion to $2 billion of EBIT-adjusted, and $1.5 billion to $2.5 billion of adjusted automotive free cash flow. But, GM said, the chip shortage will not affect its electric-vehicle and longer-term growth plans, and the company will continue to prioritize production of pickups, its new full-size SUVs, and electric vehicles in the near term.</p><p><blockquote><ul><li>息税前利润调整在 100 亿至 110 亿美元之间。（2020年业绩：97亿美元。）</li><li>调整后每股收益在 4.50 美元至 5.25 美元之间。(2020:$4.90.)</li><li>调整后的汽车自由现金流在 10 亿美元至 20 亿美元之间。（2020年：26亿美元。）</li></ul>该指导包括通用汽车目前对持续半导体短缺净影响的估计、15 亿至 20 亿美元的息税前利润调整后以及 15 亿至 25 亿美元的调整后汽车自由现金流。但是，通用汽车表示，芯片短缺不会影响其电动汽车和长期增长计划，该公司将在短期内继续优先生产皮卡、新型全尺寸SUV和电动汽车。</blockquote></p><p> The raw numbers</p><p><blockquote>原始数字</blockquote></p><p></p><p> <table> <tbody> <tr> <th>Metric</th> <th>Q1 2021</th> <th>Q1 2020</th> </tr> <tr> <td>Revenue</td> <td>$32.474 billion</td> <td>$32.709 billion</td> </tr> <tr> <td>Global deliveries</td> <td>821,000</td> <td>966,000</td> </tr> <tr> <td>EBIT-adjusted</td> <td>$4.417 billion</td> <td>$1.250 billion</td> </tr> <tr> <td>EBIT-adjusted margin</td> <td>13.6%</td> <td>3.8%</td> </tr> <tr> <td>Net income</td> <td>$3.022 billion</td> <td>$294 million</td> </tr> <tr> <td>Adjusted earnings per share</td> <td>$2.25</td> <td>$0.62</td> </tr> <tr> <td>Adjusted automotive free cash flow</td> <td>($1.932 billion)</td> <td>($903 million)</td> </tr> </tbody> </table> DATA SOURCE: GENERAL MOTORS. EBIT = EARNINGS BEFORE INTEREST AND TAX. \"ADJUSTED\" FIGURES EXCLUDE ONE-TIME SPECIAL ITEMS AND ARE USED TO FACILITATE YEAR-OVER-YEAR COMPARISONS. \"AUTOMOTIVE\" ITEMS EXCLUDE RESULTS RELATED TO GM FINANCIAL.</p><p><blockquote><table><tbody><tr><th>度量</th><th>2021年第一季度</th><th>2020年第一季度</th></tr><tr><td>收入</td><td>324.74亿美元</td><td>327.09亿美元</td></tr><tr><td>全球交付</td><td>821,000</td><td>966,000</td></tr><tr><td>息税前利润调整</td><td>44.17亿美元</td><td>12.50亿美元</td></tr><tr><td>息税前利润调整后利润率</td><td>13.6%</td><td>3.8%</td></tr><tr><td>净收入</td><td>30.22亿美元</td><td>2.94亿美元</td></tr><tr><td>调整后每股盈利</td><td>$2.25</td><td>$0.62</td></tr><tr><td>调整后的汽车自由现金流</td><td>（19.32亿美元）</td><td>（9.03亿美元）</td></tr></tbody></table>数据来源：通用汽车。息税前利润=息税前利润。“调整”数字不包括一次性特殊项目，用于促进同比比较。“汽车”项目不包括与通用汽车金融相关的业绩。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/05/05/general-motors-profit-crushed-wall-streets-estimat/\">The motley fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GM":"通用汽车"},"source_url":"https://www.fool.com/investing/2021/05/05/general-motors-profit-crushed-wall-streets-estimat/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190295741","content_text":"General Motors(NYSE:GM)surprised Wall Street with a first-quarter net profit of $3 billion, up from just$294 million a year ago, despite aseries of production disruptionsamid a global semiconductor shortage.\nOn a per-share basis, excluding one-time items, GM earned $2.25 per share in the first quarter, crushing the $1.04 per-share average estimate from Wall Street analysts surveyed by Thomson Reuters. GM's revenue, $32.5 billion, was roughly in line with estimates -- a sign that Wall Street underestimated GM's ability to generate a strong profit margin amid the chip shortage.\nOn a similar note, GM also said that it now expects its full-year pre-tax profit to hit the high end of its guidance range.\nWhat GM said about the chip shortage\nIn a letter to shareholders, CEO Mary Barra cited \"the speed and agility of our team\" as a key factor in GM's ability to navigate through the chip shortage relatively unscathed.\n\"Our supply chain and manufacturing teams are maximizing production of high-demand and capacity-constrained vehicles,\" Barra wrote. \"Our engineering teams are creating effective alternative solutions, and our sales teams, together with our dealers, are finding creative ways to satisfy customers despite lean inventories.\"\nBarra said that while GM does expect to have more production cuts in the current quarter, it still expects its overall first-half results to be quite strong. She also reiterated GM'sprior guidance for the full year,which calls for an adjusted operating profit between $10 billion and $11 billion -- and said that the company now expects its result to come in at the \"higher end\" of the range.\nHighlights of GM's first-quarter result\n\nAs expected, GM's North America unit benefited as the chip shortage forced the company to prioritize production of high-profit pickups and SUVs for retail customers -- and as industrywide shortages ensured that GM could sell all the trucks it could make at strong prices. The unit generated $3.13 billion in adjusted earnings before interest and tax (\"EBIT-adjusted,\" in GM speak), up from about $2.2 billion in the first quarter of 2020.\nGM's EBIT-adjusted margin in North America, a widely watched figure, was a stout 12.1%, up from 8.5% a year ago.\nGM International, the company's rest-of-the-world unit, generated EBIT-adjusted of $308 million, versus a loss of $551 million a year earlier. Much of the difference was attributable to improvements in China, which was effectively shut down for much of the first quarter of 2020 as the initial outbreak of COVID-19 peaked in that county.\nGM's equity income from its joint ventures with Chinese automakers was $308 million, up from a loss of $167 million a year ago.\nCruise, GM's self-driving subsidiary, posted an EBIT-adjusted loss of $229 million, versus a loss of $228 million a year ago. Cruise has hit several important milestones in recent months, but it isn't yet generating any meaningful revenue.\nGM Financial, the company's financial-services subsidiary, generated adjusted pre-tax profit of $1.18 billion, up from $230 million a year ago. Better auction prices for returned leased vehicles, plus the recovery in China, was most of the story here.\n\nCash, debt, and special items\nAs of March 31, GM had $19 billion in cash, plus another $18.2 billion in credit lines available to its automotive businesses, for total \"automotive liquidity\" of $37.2 billion. Against that, it had a total of $17.6 billion in debt attributable to its automotive business, up slightly from the end of 2020.\nGM took no significant special items in the first quarter of 2021. A year ago, it booked $489 million in one-time charges related to restructuring in Australia, New Zealand, and Thailand.\nLooking ahead: GM reiterated its 2021 guidance with an upbeat note\nAs I mentioned above, GM reiterated the full-year guidance it provided in February, with a new note that it now expects its results to come in at the high end of the ranges. For reference, here's what GM toldauto investorsto expect in 2021:\n\nEBIT-adjusted between $10 billion and $11 billion. (2020 result: $9.7 billion.)\nAdjusted earnings per share between $4.50 and $5.25. (2020: $4.90.)\nAdjusted automotive free cash flow between $1 billion and $2 billion. (2020: $2.6 billion.)\n\nThat guidance includes GM's current estimate of the net impact of the ongoing semiconductor shortage, $1.5 billion to $2 billion of EBIT-adjusted, and $1.5 billion to $2.5 billion of adjusted automotive free cash flow. But, GM said, the chip shortage will not affect its electric-vehicle and longer-term growth plans, and the company will continue to prioritize production of pickups, its new full-size SUVs, and electric vehicles in the near term.\nThe raw numbers\n\n\n\nMetric\nQ1 2021\nQ1 2020\n\n\nRevenue\n$32.474 billion\n$32.709 billion\n\n\nGlobal deliveries\n821,000\n966,000\n\n\nEBIT-adjusted\n$4.417 billion\n$1.250 billion\n\n\nEBIT-adjusted margin\n13.6%\n3.8%\n\n\nNet income\n$3.022 billion\n$294 million\n\n\nAdjusted earnings per share\n$2.25\n$0.62\n\n\nAdjusted automotive free cash flow\n($1.932 billion)\n($903 million)\n\n\n\nDATA SOURCE: GENERAL MOTORS. EBIT = EARNINGS BEFORE INTEREST AND TAX. \"ADJUSTED\" FIGURES EXCLUDE ONE-TIME SPECIAL ITEMS AND ARE USED TO FACILITATE YEAR-OVER-YEAR COMPARISONS. \"AUTOMOTIVE\" ITEMS EXCLUDE RESULTS RELATED TO GM FINANCIAL.","news_type":1,"symbols_score_info":{"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":1202,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/105122928"}
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