General Motors saw steady fourth quarter 2013 earnings, with slightly higher revenue and flat net income. Revenue grew 3 percent to $40.5 billion (compared to $39.3 billion) on an annual basis, while net income was equal to the $900 million reported in Q4 2012.
Earnings per fully diluted share rose 5 percent to $0.57 in Q4 2013 and included a net gain from special items of $100 million, or 6 cents per fully diluted share. Net income, however, included a net loss from special items of $200 million or 10 cents per fully diluted share.
Those special items to impact Q4 2013 net income include a $700 million charge related to the discontinuation of the Chevrolet brand from Europe and a $500 million in asset impairment related to the termination of manufacturing operations in Australia. A favorable tax settlement and a gain on the sale of an equity investment in Ally Financial, along with other smaller items, partially offset these charges.
EBIT-adjusted, which included the impact of restructuring charges of $200 million, was up 37 percent to $1.9 billion.
| METRIC | Q4 2013 | Q4 2012 | DELTA 2013 VS. 2012 | PERCENT CHANGE |
|---|---|---|---|---|
| REVENUE | $40.50 | 39.3 | $1.20 | +3.05% |
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $0.90 | $0.90 | $0.00 | 0.00% |
| EARNINGS PER SHARE (EPS FULLY DILUTED) | $0.57 | $0.54 | $0.03 | +5.56% |
| IMPACT OF SPECIAL ITEMS ON EPS FULLY DILUTED | ($0.10) | $0.06 | ($0.16) | -266.67% |
| EBIT-ADJUSTED | $1.90 | $1.20 | $0.70 | +58.33% |
| AUTOMOTIVE NET CASH FLOW FROM OPERATING ACTIVITIES | $2.80 | $0.50 | $2.30 | +460.00% |
| ADJUSTED AUTOMOTIVE FREE CASH FLOW | $1.10 | $1.10 | $0.00 | 0.00% |
Geographic Segment Results
- GM North America (GMNA) reported EBIT-adjusted gain of $1.9 billion in the fourth quarter of 2013 compared with $1.1 billion in Q4 2012.
- GM Europe (GME) reported EBIT-adjusted loss of $300 million in the fourth quarter of 2013 compared to $800 million in Q4 2012.
- GM International Operations (GMIO) reported EBIT-adjusted gain of $200 million in the fourth quarter of 2013 compared with $700 million in Q4 2012.
- GM South America (GMSA) reported EBIT-adjusted break even in the fourth quarter of 2013, compared with a $100 million gain in Q4 2012.
- GM Financial reported earnings before taxes (EBT) of $200 million in the fourth quarter of 2013, compared with $100 million in Q4 2012.
Cash Flow And Liquidity
GM’s automotive cash flow from operating activities was $2.8 billion for Q4 2013 compared to $0.5 billion in 2012. Adjusted automotive free cash flow was $1.1 billion, unchanged from 2012.
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