As expected, General Motors posted 2011 calendar-year net income of $7.6 billion, or $4.58 per fully diluted share — an increase of $2.9 billion from 2010 levels, when the company posted net income of $4.7 billion, or $2.89 per diluted share.
Calendar-year revenue was up 11 percent to $150.3 billion, up from $135 billion i 2010. Adjusted EBIT (Earnings Before Interest and Taxes) was $8.3 billion, compared to $7.0 billion in 2010. The increased income and revenue levels reflect The General’s first full year as an independent company.
“In our first full year as a public company, we grew the top and bottom lines, advanced our global market share and made strategic investments in our brands around the world,” said Dan Akerson, chairman and CEO. “We will build on these results as we bring more new cars, crossovers and trucks to market, and make GM a far more efficient global team. This includes reducing our break-even level in Europe and South America and driving higher revenues around the world.”
All of GM’s regional business units were profitable except for GM Europe and GM South America, which posted full-year (EBIT) losses of $0.7 billion and $0.1 billion, respectively. Conversely, GM International Operations posted full-year EBIT of $1.9 billion while GM North America posted full-year $7.2 billion. The high earnings for North America will result in employee profit sharing of up to $7,000 to approximately 47,500 eligible hourly employees.
Additionally, General Motors has $37.5 billion in total liquidity — compared to $33.5 billion in 2010.
For 2012, GM is looking to increase top-line revenue in the expanding global auto industry and is looking to continually improve its cost structure. The company will aggressively invest in new technology and products and expects to spend $8 billion during the year.
For more details — including an update about GM’s pension plan — open the presser below.