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Non-Tech : GM - General Motors

GM 70.75

+2.8%

Nov 7 9:30 AM EST

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To: porcupine --''''> who wrote (77)	7/8/1998 2:54:00 PM
From: Axel Gunderson	Read Replies (2) of 543

Which domestic car manufacturer is most profitable? The following figures were all taken from S&P research reports, and all figures given are in millions of dollars (with the exception of the percentages). 1997 1996 1995 1994 1993 Chrysler Revenues 58622 59333 51190 50736 42260 Cash Flow 5500 6032 4320 5577 3975 Cap. Exp. 5122 4635 4109 3843 3028 Cash Earnings 378 1397 211 1734 947 FCash / Revs 0.64% 2.35% 0.41% 3.42% 2.24% Cash 7848 7752 8125 5145 4040 Int Exp 1200 1163 1199 1114 1280 Ford Revenues 153731 146991 137137 128439 108448 Cash Flow 14511 11321 10639 14357 9709 Cap. Exp. 8717 8651 8997 9470 6814 Cash Earnings 5794 2670 1642 4887 2895 FCash / Revs 3.77% 1.82% 1.20% 3.80% 2.67% Cash 20835 15414 12406 13822 12307 Int Exp 10500 10399 10046 7744 7289 General Motors Revenues 167970 158015 163861 152172 135696 Cash Flow 23242 16712 18745 15363 11551 Cap. Exp. 10320 9949 10077 17465 15175 Cash Earnings 12922 6763 8668 -2102 -3624 FCash / Revs 7.69% 4.28% 5.29% -1.38% -2.67% Cash 11262 22262 16643 10939 13791 Int Exp 6113 5744 5352 5466 5718 Chrysler and Ford may show higher profit margins, but at least over the last three years,General Motors has had a higher margin of free cash. Which is more meaningful - accrual earnings or cash earnings? Are GM's non-domestic automotive divisions deserving of the credit for GM's free cash? Profits by division: 1997 1996 1995 N. Amer Automotive 2297 1246 2396 Intl Automotive 1139 1532 1644 GM Acceptance Corp 1301 1240 1031 Hughes Electronics 1276 1151 1108 Other -355 -216 -198 How does this compare to Chrysler and Ford? The S&P sheet on Chrysler doesn't have much detail, other than to give the following distribution: <p> Revs Profits Automotive 96% 87% Financial 4% 13% For Ford (numbers in billions here): <p> 1997 1996 US Automotive 3.7 2.0 Intl Automotive 1.0 -.352 Financial Services 2.2 2.8 BTW, S&P values the three companies at: C: $49/share F: $55/share GM: $90/share

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