GM Reports Record Income of $9.7 Billion
DETROIT – With falling gas prices pushing the sales of trucks and SUVs, General Motors Co. reported a record income of $9.7 billion, or $5.92 per diluted share, in 2015, beating out last year’s $2.8 billion.
Pre-tax earnings for the company were $10.8 billion, also a record, the auto manufacturer reported.
“It was a strong year on many fronts,” said GM CEO Mary Barra in a release. “We continue to strengthen our core business, which is laying the foundation for the company to lead in the transformation of personal mobility.”
The future for the company, she lies in connectivity, autonomous vehicles, ride-sharing and electric-powered vehicles.
In the fourth quarter, GM reported net income of $6.3 billion, up from $1.1 billion in 2014. Total revenue for the quarter was $39.6 billion, the same as the fourth quarter of 2014.
“The fourth quarter closed another very strong year of operating performance,” said Chuck Stevens, vice president and CFO, in a release. “We plan to improve our results in 2016, driven by a significant vehicle launch cadence, continued emphasis on growing our adjacent businesses and an unrelenting focus on driving efficiencies in our core operations.”
Overseas, General Motors reported a loss of $800 million in Europe, a smaller loss than it suffered in 2014, when earnings dropped $1.4 billion. The loss was attributed to costs surrounding the launch of the Opel Astra and leaving the hurting Russian market, The Detroit News reported.
In South America, GM reported a loss of $600 million, tripling the decline from 2014, but did post “break-even results” in the fourth quarter of 2015.
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