General Motors has reported fourth quarter 2014 net income of $1.1 billion, or $0.66 per diluted share, on net revenue of $39.6 billion. The results include a net loss from special items of $0.9 billion or $(0.53) per diluted share.
The special items include an $(0.8) billion reduction to net income attributable to common stockholders related to the redemption of all outstanding Series A preferred shares.
“A strong fourth quarter helped us deliver very good core operating results in 2014 despite significant challenges we and the industry faced,” said GM CEO Mary Barra. “By keeping our customers at the center of all our decisions, we addressed those challenges head-on and outlined a customer-focused strategic plan that will guide our company well into the future.”
Compared to Q4 of 2013, GM’s net income was up $200 million, or 9 cents per fully-diluted share, including a net loss from special items of $0.2 billion or $(0.10) per diluted share. Revenue was down $900 million compared to the fourth quarter of 2013.
Earnings before interest and tax (EBIT) adjusted was $2.4 billion in the fourth quarter of 2014, compared with $1.9 billion in the fourth quarter of 2013.
General Motors Q4 2014 Financial Results
All figures in billions except for per share amounts| METRIC | Q4 2014 | Q4 2013 | Q4 2014 - Q4 2013 | % CHANGE Q4 2014 / Q4 2013 |
|---|---|---|---|---|
| REVENUE | $39.60 | $40.50 | -0.90 | -2.22% |
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $1.10 | $0.90 | +0.20 | +22.22% |
| EARNINGS PER SHARE (EPS FULLY DILUTED) | $0.66 | $0.57 | +0.09 | +15.79% |
| IMPACT OF SPECIAL ITEMS ON EPS FULLY DILUTED | ($0.53) | ($0.10) | -0.43 | -430% |
| EBIT-ADJUSTED | $2.40 | $1.90 | +0.50 | +26.32% |
| AUTOMOTIVE NET CASH FLOW FROM OPERATING ACTIVITIES | $3.80 | $2.80 | +1.00 | +35.71% |
| ADJUSTED AUTOMOTIVE FREE CASH FLOW | $1.80 | $1.10 | +0.70 | +63.64% |
Regional Division Results
- GM North America (GMNA) reported earnings before interest and tax (EBIT)-adjusted of $2.2 billion in the fourth quarter of 2014, compared with $1.9 billion in 2013.
- GM Europe (GME) reported EBIT-adjusted of $(0.4) billion in the fourth quarter of 2014, which includes $0.1 billion for restructuring costs. This compares with $(0.4) billion in 2013, which also included $0.1 billion in restructuring costs.
- GM International Operations (GMIO) reported EBIT-adjusted of $0.4 billion in the fourth quarter of 2014, compared with $0.2 billion in 2013.
- GM South America (GMSA) reported EBIT-adjusted of $0.1 billion in the fourth quarter of 2014, compared with breakeven in 2013.
- GM Financial reported earnings before taxes (EBT) adjusted of $0.1 billion in the fourth quarter of 2014, compared with $0.2 billion in 2013.
“Our underlying business operations showed significant improvement this year,” said Chuck Stevens, GM executive vice president and chief financial officer. “In 2015, we’ll continue to focus on driving further improvements to keep us on a glide path to achieve our near-term and long-term objectives.”
Cash Flow And Liquidity
In the fourth quarter of 2014, automotive cash flow from operating activities was $3.8 billion, compared to $2.8 billion in 2013. In addition, adjusted automotive free cash flow was $2.4 billion excluding the effect of $0.6 billion in recall-related cash payments. Adjusted automotive free cash flow was $1.1 billion in the fourth quarter of 2013.
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