General Motors (GM) Stock Hit By Disappointing Q4, Full-Year Results; One-Time Charges Batter Earnings

 @angeloyoung_a.young@ibtimes.com
on February 06 2014 8:37 AM
GM
Flags wave behind a General Motors Corp sign in downtown in Detroit on May 28, 2009. Reuters

Shares of General Motors Co. (NYSE:GM) fell Thursday as the Detroit-based automaker reported weaker-than-expected fourth-quarter earnings on disappointing performance in Asia and the Americas.

The world’s third-largest automaker based on 2013 global sales said net income was $913 million, or 57 cents per share, up from $892 million, or 54 cents per share, in the year-ago period. Revenue also missed expectations, at $40.5 billion, up 3 percent from the same quarter the previous year, compared to the forecast of $41.1 billion.

Excluding one-time items, such as a $200 million hit linked to pulling Chevrolet out of Europe, GM gained 67 cents per share in the fourth quarter. Analysts polled by Thomson Reuters had expected fully reported earnings for the quarter to come in at 87 cents per share.

For the year, GM reported net income attributable to shareholders of $3.8 billion, or $2.38 per fully diluted share, down from $4.9 billion, or $2.92 per share.

“Special items during the calendar year impacted full-year net income to common shareholders unfavorably,” GM said in announcing the earnings.  

GM shares were pulled down more than 4 percent in premarket trading, to $33.88. GM shares have fallen 13.78 percent since the start of the year. 

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