Boston, MA 02/06/2014 (wallstreetpr) – General Motors Company (NYSE:GM) was the first amongst the Detroit majors to come out with results from its fourth quarter and full year 2013 operations results on February 6. Thanks to the steady build up in the demand for new cars in the U.S market, its North American operations managed to set a new record for net income at $7.5 billion for the full year 2013.
4Q2013 Highlights
The $48.95 billion market capped car maker managed to ring in net income of $0.9 billion for the just concluded fourth quarter which was flat in comparison to its 4Q12 income from its worldwide operations. Adjusted earnings before tax jumped by 58 percent to $1.9 billion as against $1.2 billion in 4Q12. Revenue for the quarter came in at $40.5 billion, which was 3 percent above its 4Q12 revenue.
2013 Highlights
Earnings for the full year of General Motors Company (NYSE:GM) were $8.6 billion as compared to $7.9 billion in 2012. Revenue for the full year was up 2 percent to $155.4 billion as against the $152.3 billion that the car maker has generated in 2012. Income for the full year was also impacted by loss of $1.3 billion, due to special items and an increasing tax expense at $1.7 billion for the year, as its sales went up.
New CEO Speak
Addressing her first post earnings conference call, General Motors Company (NYSE:GM) new Chief Executive Officer and Director Mary T. Barra has been quoted to have said that, “Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year. The tough decisions made during the year will further strengthen our operations. We’re now in execution mode and our sole focus will be on delivering results on a global basis.”
U.S Operations The Star Performer
As highlighted earlier, General Motors Company (NYSE:GM) North America segment had one of its most productive years with respect to revenue generation. It reported total earnings before taxes of $1.9 billion in the fourth quarter, which was more than 50 percent above its 4Q2012 numbers. For the full year it sold $7.5 billion worth cars, which was 15.3 percent above its 2012 earnings. As a token of appreciation and a sign of sharing the company profits with its employees, the American division of General Motors Company (NYSE:GM) has decided to pay $7500 as a share in profit to each of its 48.500 employees in its U.S plants.
