General Motors Company (GM) reports a 2% rise in net income for Q4
General Motors Company (NYSE:GM) reported has reported that their fourth-quarter earnings increased 2% to $913 million. The increase was driven by strong pricing in North America. This gives GM their fourth straight profitable year since exiting bankruptcy. GM also halved their losses in Europe during the final three months of 2013.
When you exclude several one-time items like the costs related to GM’s winding down of Chevrolet sales in Europe and manufacturing in Australia, GM saw $200 million dropped from their bottom line. Their earnings before interest and taxes and excluding nonrecurring items increased 52% to $1.9 billion.
GM’s fourth quarter revenues increased 3% to $40.5 billion. This was GM’s 16th straight profitable quarter following the bankruptcy in the middle of 2009. GM’s net income fell to $3.77 billion, largely due to higher tax expenses and other one-time items. GM’s pretax profit excluding one time items was at $8.58 billion, which is up 9% from 2012.
“Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year,” stated GM CEO Mary Barra. “The tough decisions made during the year will further strengthen our operations. We’re now in execution mode and our sole focus will be on delivering results on a global basis.”