General Motors misses by $0.22, misses on revs
Reports Q4 (Dec) earnings of $0.67 per share, excluding non-recurring items, $0.22 worse than the Capital IQ Consensus Estimate of $0.89; revenues rose 3.1% year/year to $40.5 bln vs the $40.94 bln consensus.
EBIT-adjusted was $1.9 billion in the fourth quarter of 2013, compared with $1.2 billion in the fourth quarter of 2012. Fourth quarter EBIT-adjusted for 2013 includes the impact of restructuring charges of $(0.2) billion.
EBIT-adjusted was $1.9 billion in the fourth quarter of 2013, compared with $1.2 billion in the fourth quarter of 2012. Fourth quarter EBIT-adjusted for 2013 includes the impact of restructuring charges of $(0.2) billion.
- GM North America (GMNA) reported EBIT-adjusted of $1.9 billion in the fourth quarter of 2013 compared with $1.1 billion in 2012. Full-year EBIT-adjusted was $7.5 billion in 2013 compared to $6.5 billion in 2012, setting a record for earnings in North America. Based on GMNA's 2013 financial performance, the company will pay profit sharing of up to $7,500 to approximately 48,500 eligible GM U.S. hourly employees.
- GM Europe (GME) reported EBIT-adjusted of $(0.3) billion in the fourth quarter of 2013, compared to $(0.8) billion in 2012. Full-year EBIT-adjusted was $(0.8) billion in 2013, compared with $(1.9) billion in 2012.GM International Operations (GMIO) reported EBIT-adjusted of $0.2 billion in the fourth quarter of 2013 compared with $0.7 billion in 2012. Full-year EBIT-adjusted was $1.2 billion in 2013 compared with $2.5 billion in 2012.
- GM South America (GMSA) reported EBIT-adjusted of $0.0 billion in the fourth quarter of 2013, compared with $0.1 billion in 2012. Full-year EBIT-adjusted was $0.3 billion in 2013 compared with EBIT-adjusted of $0.5 billion in 2012.
- GM Financial reported earnings before taxes (EBT) of $0.2 billion in the fourth quarter of 2013, compared with $0.1 billion in 2012. Full-year EBT was $0.9 billion, compared to $0.7 billion in 2012.
- For the fourth quarter of 2013, automotive cash flow from operating activities was $2.8 billion, compared to $0.5 billion in 2012. In the fourth quarter of 2013, adjusted automotive free cash flow was $1.1 billion, unchanged from 2012.
- GM ended 2013 with strong total automotive liquidity of $38.3 billion compared with $37.2 billion at year-end in 2012. Automotive cash and marketable securities was $27.9 billion at the end of 2013, compared with $26.1 billion a year earlier.