FOR RELEASE: October 12, 2000 CONTACT: Mark A. Tanner PHONE: (313) 665-3146 CONTACT: Catherine Dunsby PHONE: (212) 418-6385
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HIGHLIGHTS - Q3 Summary Financial Highlights
Three Months Ended
September 30,
---------------------
2000 1999
--------- ---------
Total net sales and revenues
(Dollars in billions) $42.6 $42.8
------ ------
Consolidated net income
(Dollars in millions) $829 $877
.............................................................
Earnings Per Share Attributable to Common Stocks Assuming
Dilution
$1-2/3 par value $1.55 $1.33
Class H $(0.09) $(0.04)(1)
.............................................................
Return on net assets (RONA) for continuing
operations on a four quarter rolling average
excluding Hughes 12.5% 14.2%
.............................................................
Total Cash (Dollars in billions)(2) $13.5 $16.7
.............................................................
Total $1-2/3 shares repurchased (3)
(Shares in millions) 3.8 2.9
Cost of $1-2/3 shares acquired
(Dollars in millions) $237 $202
.............................................................
Net profit margins
Three Months Ended
September 30,
--------------------
2000 1999
--------- ---------
GM North America (GMNA) 2.8% 2.5%
GM Europe (GME) (3.4%) 0.5%
GM Latin America/Africa/Mid-East (GMLAAM) 2.0% (3.0%)
GM Asia/Pacific (GMAP) (1.1%) (6.1%)
Total GM Automotive (GMA) 1.7% 1.7%
Hughes (4.2%) (1.5%)
Total Automotive, Communications
Services, and Other Operations 1.2% 1.3%
GMAC 6.7% 7.6%
Consolidated net income 1.9% 2.0%
(1) The 1999 earnings per share amount attributable to the
GM Class H common stock was restated to reflect the
three-for-one stock split of the GM Class H common stock,
in the form of a 200% stock dividend, paid on June 30, 2000.
(2) Total cash includes cash and marketable securities as
well as $3.0 billion invested in short-term fixed income
securities of the Corporation's Voluntary Employees'
Beneficiary Association Trust.
(3) Shares repurchased in 1999 were part of the $4 billion
repurchase program and shares repurchased in 2000 were part
of the $1.4 billion repurchase program.
HIGHLIGHTS - Q3 Financial Results
(Dollars in Millions Except
Per Share Amounts)
Three Months Ended
September 30,
---------------------
2000 1999
--------- ---------
Total net sales and revenues $42,606 $42,794
------ ------
Consolidated net income $829 $877
.............................................................
Earnings Attributable to Common Stocks
$1-2/3 par value $878 $866
Class H $(76) $(17)
.............................................................
Basic Earnings Per Share Attributable to Common Stocks
$1-2/3 par value $1.57 $1.35
Class H $(0.09) $(0.04) (2)
.............................................................
Earnings Per Share Attributable to Common Stocks Assuming
Dilution
$1-2/3 par value $1.55 $1.33
Class H $(0.09) $(0.04) (2)
.............................................................
Cash Dividends Per Share of Common Stocks
$1-2/3 par value $0.50 $0.50
Class H $ - $ -
.............................................................
Book Value Per Share of Common Stocks
Sept. 30, Dec. 31, Sept. 30,
2000 1999 1999
-------- ------- --------
$1-2/3 par value $40.09 $27.02 $20.59
Class H $8.02 $5.40(2) $4.12 (2)
.............................................................
See footnotes
HIGHLIGHTS - Q3 Net Income by Segment
(Dollars in Millions)
Income/(Loss)
Three Months Ended
September 30,
----------------------
2000 1999
-------- --------
GM North America (GMNA) $728 $671
GM Europe (GME) (181) 32
GM Latin America/Africa/Mid-East (GMLAAM) 31 (36)
GM Asia/Pacific (GMAP) (10) (54)
----- -----
Total GM Automotive (GMA) $568 $613
Hughes (3) (88) (30)
Other (57) (96)
----- -----
Total Automotive, Communications
Services, and Other Operations $423 $487
GMAC $401 $393
Other 5 (3)
----- -----
Total Financing and Insurance Operations $406 $390
----- -----
Consolidated Net Income $829 $877
===== =====
Net profit margin from
Total GM Automotive (GMA) 1.7% 1.7%
Consolidated net income 1.9% 2.0%
Three Months Ended
September 30, 2000
--------------------------------
GMNA GME GMLAAM GMAP
----- ------ ------ ------
Total net sales and revenues $26,171 $5,339 $1,524 $952
------ ----- ----- ---
Pre-tax income (loss) $1,086 $(265) $(9) $(7)
Income tax expense (benefit) 344 (81) (27) 10
Equity income/(loss) and
minority interests (14) 3 13 7
----- ----- ----- ---
Net income (loss) $728 $(181) $31 $(10)
===== ===== ===== ===
Net profit (loss) margin 2.8% (3.4%) 2.0% (1.1%)
Effective income tax rate 31.7% 30.6% 300.0% (142.9%)
Three Months Ended
September 30, 1999
--------------------------------
GMNA GME GMLAAM GMAP
----- ------ ------ ------
Total net sales and revenues $26,566 $6,391 $1,200 $884
------ ----- ----- ---
Pre-tax income (loss) $1,008 $52 $(79) $12
Income tax expense (benefit) 336 19 (37) 11
Equity income/(loss) and
minority interests (1) (1) 6 (55)
----- ----- ----- ---
Net income (loss) $671 $32 $(36) $(54)
===== ===== ===== ===
Net profit (loss) margin 2.5% 0.5% (3.0%) (6.1%)
Effective income tax rate 33.3% 36.5% 46.8% 91.7%
.................................................................
See footnotes
HIGHLIGHTS - Q3 Operating Information
Three Months Ended
September 30,
---------------------
2000 1999
------- -------
Worldwide Wholesale Sales (units in 000s)
United States: Cars 611 581
Trucks 563 618
------ ------
Total United States 1,174 1,199
Canada and Mexico 154 142
------ ------
Total GM North America 1,328 1,341
------ ------
GME 396 446
GMLAAM 181 141
GMAP 134 121
------ ------
Total International 711 708
------ ------
Total Worldwide 2,039 2,049
====== ======
....................................................
Vehicle Unit Deliveries (units in 000s)
United States
Chevrolet - Cars 230 231
- Trucks 420 447
Pontiac 167 153
GMC 123 138
Buick 108 122
Oldsmobile 67 87
Saturn 71 61
Cadillac 51 46
Other 12 13
------ ------
Total United States 1,249 1,298
Canada and Mexico 186 168
------ ------
Total GM North America 1,435 1,466
------ ------
GME 413 483
GMLAAM 153 149
GMAP 128 121
------ ------
Total International 694 753
------ ------
Total Worldwide 2,129 2,219
====== ======
.....................................................
Market share
United States
Cars 29.2% 29.5%
Trucks 25.6% 28.2%
Total 27.4% 28.9%
Total North America 27.4% 28.6%
Total Europe 8.9% 9.8%
Latin America (4) 20.7% 20.0%
Asia and Pacific 4.0% 4.0%
Total Worldwide 15.2% 15.9%
.....................................................
U.S. Retail/Fleet Mix
% Fleet Sales - Cars 28.6% 21.8%
% Fleet Sales - Trucks 12.9% 9.5%
Total vehicles 21.3% 15.9%
....................................................
Days Supply of Inventory - U.S.
Cars 71 65
Trucks 105 82
.....................................................
Capacity Utilization %
U.S. and Canada (2-shift rated) 87.7% 91.1%
....................................................
GMNA
Net Price (%) (0.3)% 0.4%
....................................................
See footnotes
HIGHLIGHTS - Q3 Other Financial Information
(Dollars in Millions)
Three Months Ended
September 30,
----------------------
2000 1999
--------- ----------
Depreciation and Amortization (1)
Depreciation $1,002 $1,004
Amortization of special tools 537 635
Amortization of intangible
assets 57 78
------ -----
Total $1,596 $1,717
====== =====
....................................................
Worldwide Employment at September 30 (in 000s)
GMNA 212 219
GME 90 82(5)
GMLAAM 24 23
GMAP 11 10
Hughes 18 18
GMAC 27 27
Other 13 12
------ ------
Total 395 391
====== ======
....................................................
Worldwide Payrolls $5,229 $5,469
....................................................
FOOTNOTES
(1) Amounts exclude depreciation and amortization charges
incurred by financing and insurance operations.
(2) The 1999 earnings per share and book value per
share amounts attributable to the GM Class H common
stock were restated to reflect the three-for-one stock
split of the GM Class H common stock, in the form of
a 200% stock dividend, paid on June 30, 2000.
(3) Excludes the effects of purchase accounting adjustments
related to General Motors' acquisition of Hughes in 1985,
and excludes Hughes Series A Preferred Stock dividends
payable to General Motors.
(4) Latin America excludes the Middle East and Africa.
(5) 1999 excludes Saab employees.
HIGHLIGHTS - Q3 Financial Results
(Dollars in Millions Except
Per Share Amounts)
Nine Months Ended
September 30,
---------------------
2000 1999
--------- ---------
Total net sales and revenues $138,207 $130,296
------ ------
Income from continuing operations $4,363 $4,431
Income from discontinued operations - 426
------ ------
Consolidated net income $4,363 $4,857
.............................................................
Earnings Attributable to Common Stocks
$1-2/3 par value
Continuing operations $4,424 $4,400
Discontinued operations - 426
------ ------
$1-2/3 par value $4,424 $4,826
Class H $(144) $(20)
.............................................................
Basic Earnings Per Share Attributable to Common Stocks
$1-2/3 par value
Continuing operations $7.51 $6.79
Discontinued operations - 0.66
------ ------
$1-2/3 par value $7.51 $7.45
Class H $(0.23) $(0.06)(2)
.............................................................
Earnings Per Share Attributable to Common Stocks Assuming
Dilution
$1-2/3 par value
Continuing operations $7.37 $6.67
Discontinued operations - 0.65
------ ------
$1-2/3 par value $7.37 $7.32
Class H $(0.23) $(0.06)(2)
.............................................................
Cash Dividends Per Share of Common Stocks
$1-2/3 par value $1.50 $1.50
Class H $ - $ -
.............................................................
See footnotes
HIGHLIGHTS - Q3 Net Income by Segment
(Dollars in Millions)
Income/(Loss)
Nine Months Ended
September 30,
------------------------
2000 1999
-------- --------
GM North America (GMNA) $3,428 $3,575
GM Europe (GME) 206 393
GM Latin America/Africa/Mid-East (GMLAAM) 42 (99)
GM Asia/Pacific (GMAP) (126) (195)
----- -----
Total GM Automotive (GMA) $3,550 $3,674
Hughes (3) (229) (44)
Other (162) (387)
----- -----
Total Automotive, Communications
Services, and Other Operations $3,159 $3,243
GMAC $1,193 $1,176
Other 11 12
----- -----
Total Financing and Insurance Operations $1,204 $1,188
----- -----
Income from continuing operations $4,363 $4,431
Income from discontinued operations - 426
----- -----
Consolidated Net Income $4,363 $4,857
===== =====
Net profit margin from
Total GM Automotive (GMA) 3.2% 3.4%
Income from continuing operations 3.2% 3.4%
Nine Months Ended
September 30, 2000
--------------------------------
GMNA GME GMLAAM GMAP
----- ------ ------ ------
Total net sales and revenues $85,984 $19,315 $4,282 $2,605
------ ------ ----- -----
Pre-tax income (loss) $5,068 $362 $(77) $26
Income tax expense (benefit) 1,604 164 (74) 21
Equity income/(loss) and
minority interests (36) 8 45 (131)
----- ------ ----- -----
Net income (loss) $3,428 $206 $42 $(126)
===== ====== ===== =====
Net profit (loss) margin 4.0% 1.1% 1.0% (4.8%)
Effective income tax rate 31.6% 45.3% 96.1% 80.8%
Nine Months Ended
September 30, 1999
--------------------------------
GMNA GME GMLAAM GMAP
----- ------ ------ ------
Total net sales and revenues $82,793 $19,669 $3,448 $2,246
------ ------ ----- -----
Pre-tax income (loss) $5,264 $605 $(224) $(49)
Income tax expense (benefit) 1,685 208 (106) (8)
Equity income/(loss) and
minority interests (4) (4) 19 (154)
----- ------ ----- -----
Net income (loss) $3,575 $393 $(99) $(195)
===== ====== ===== =====
Net profit (loss) margin 4.3% 2.0% (2.9%) (8.7%)
Effective income tax rate 32.0% 34.4% 47.3% 16.3%
................................................................
See footnotes
HIGHLIGHTS - Q3 Operating Information
Nine Months Ended
September 30,
----------------------
2000 1999
--------- ----------
Worldwide Wholesale Sales (units in 000s)
United States: Cars 1,917 1,916
Trucks 1,906 1,954
------ ------
Total United States 3,823 3,870
Canada and Mexico 570 510
------ ------
Total GM North America 4,393 4,380
------ ------
GME 1,434 1,471
GMLAAM 470 399
GMAP 345 312
------ ------
Total International 2,249 2,182
------ ------
Total Worldwide 6,642 6,562
====== ======
....................................................
Vehicle Unit Deliveries (units in 000s)
United States
Chevrolet - Cars 706 683
- Trucks 1,342 1,299
Pontiac 487 485
GMC 412 408
Buick 322 357
Oldsmobile 225 282
Saturn 216 178
Cadillac 148 133
Other 29 31
------ ------
Total United States 3,887 3,856
Canada and Mexico 541 512
------ ------
Total GM North America 4,428 4,368
------ ------
GME 1,459 1,531
GMLAAM 436 401
GMAP 349 337
------ ------
Total International 2,244 2,269
------ ------
Total Worldwide 6,672 6,637
====== ======
....................................................
Market share
United States
Cars 28.8% 30.3%
Trucks 27.1% 27.8%
Total 27.9% 29.1%
Total North America 27.8% 28.9%
Total Europe 9.4% 9.8%
Latin America (4) 20.2% 19.8%
Asia and Pacific 3.6% 3.7%
Total Worldwide 15.2% 15.7%
.....................................................
U.S. Retail/Fleet Mix
% Fleet Sales - Cars 27.5% 25.9%
% Fleet Sales - Trucks 15.5% 13.3%
Total vehicles 21.7% 20.0%
.....................................................
Capacity Utilization %
U.S. and Canada (2-shift rated) 89.9% 89.7%
.....................................................
See footnotes
HIGHLIGHTS - Q3 Other Financial Information
(Dollars in Millions Except Per Share Amounts)
Nine Months Ended
September 30,
----------------------
2000 1999
--------- ----------
Depreciation and Amortization (1)
Depreciation $2,964 $3,075
Amortization of special tools 1,852 1,889
Amortization of intangible
assets 209 157
----- -----
Total $5,025 $5,121
===== =====
....................................................
Worldwide Payrolls $16,589 $16,450
....................................................
FOOTNOTES
(1) Amounts exclude depreciation and amortization charges
incurred by financing and insurance operations.
(2) The 1999 earnings per share amount attributable to
the GM Class H common stock was restated to reflect the
three-for-one stock split of the GM Class H common stock,
in the form of a 200% stock dividend, paid on June 30, 2000.
(3) Excludes the effects of purchase accounting adjustments
related to General Motors' acquisition of Hughes in 1985,
and excludes Hughes Series A Preferred Stock dividends
payable to General Motors.
(4) Latin America excludes the Middle East and Africa.
| Go To: | GM Reports 3rd-Quarter Revenue, Net Income and Earning Per Share |
| General Motors Consolidated Statements of Income 3rd Quarter 2000 |
