Company News

GM Reports 2014 Net Income of $2.8 Billion

DETROIT — General Motors Co. today announced fourth quarter net income attributable to common stockholders of $1.1 billion, or 66 cents per diluted share, which included a net loss from special items of $0.9 billion or 53 cents per share.

For the full year, GM said net income attributable to common stockholders was $2.8 billion, or $1.65 per share, down from $3.8 billion, or $2.38 per share in 2013. 2014 was the fifth consecutive profitable year for the company.

“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.

Core automotive operating performance improved in 2014, but results were more than offset by incremental recall and restructuring costs, and a net loss from special items, GM reported.

Special items during the calendar year impacted full-year net income to common stockholders unfavorably by $2.4 billion, or $1.40 per share, compared to an unfavorable $1.3 billion impact in 2013, or 80 per share.

In 2014, full-year net income was also impacted unfavorably by recall-related pre-tax costs of $2.8 billion, or $1.07 per share.

Revenue increased to $155.9 billion in 2014, compared with $155.4 billion in 2013, GM said.

SOURCE: General Motors Co.

Published by The Business Journal, Youngstown, Ohio.

Published by The Business Journal, Youngstown, Ohio.