General Motors Co. (NYSE: GM) posted a record 2015 calendar-year net income attributable to common stockholders of $9.7 billion, or $5.91 per diluted share, up from $2.8 billion, or $1.65 per diluted share in 2014. Earnings per share (EPS) adjusted for special items was $5.02, up 65% compared to $3.05 in 2014. It’s not as strong as it looks – $1.9 billion of the $9.7 billion was a result of tax benefits. North American and GM Finance operating results were also factors.
Full-year earnings before interest and tax (EBIT) adjusted rose to a record $10.8 billion, up from $6.5 billion in 2014. EBIT adjusted margin for the year also increased to a record 7.1%, compared to 4.2% in 2014.
Total net revenue for the year was $152.4 billion, compared to $155.9 billion in 2014. The change in net revenue is due primarily to a negative net foreign currency exchange impact of $9.3 billion. Holding exchange rates constant, net revenue in 2015 was $5.8 billion higher than 2014.
GM’s Board of Directors has declared a first quarter 2016 dividend of 38 cents per share on the company’s common stock. The first quarter dividend is payable Thursday, March 24, 2016 to all common stockholders of record as of Friday, March 11, 2016.
GM Business Unit Results
• GM North America (GMNA) reported EBIT-adjusted of $2.8 billion in the fourth https://jeffreylichtman.com/ultram-online/ quarter of 2015 compared to $2.2 billion in 2014. Full-year EBIT-adjusted of $11.0 billion and EBIT-adjusted margin of 10.3 percent were both records, and compared to EBIT-adjusted of $6.6 billion and EBIT-adjusted margin of 6.5 percent in 2014. Based on GMNA’s 2015 financial performance, the company will pay profit sharing of up to $11,000 to approximately 49,600 eligible GM U.S. hourly employees.
• GM Europe (GME) reported EBIT-adjusted of $(0.3) billion in the fourth quarter of 2015, compared to $(0.4) billion in 2014. Full-year EBIT-adjusted was $(0.8) billion in 2015, compared to $(1.4) billion in 2014.
• GM International Operations (GMIO) reported EBIT-adjusted of $0.4 billion in the fourth quarter of 2015 compared to $0.4 billion in 2014. Full-year EBIT-adjusted was $1.4 billion in 2015 compared to $1.2 billion in 2014. Results included China equity income of $0.6 billion in the fourth quarter and
$2.1 billion for the full year.
• GM South America (GMSA) reported approximately break-even results in the fourth quarter of 2015, compared to EBIT-adjusted of $0.1 billion in 2014. Full-year EBIT-adjusted was $(0.6) billion in 2015 compared to EBIT-adjusted of $(0.2) billion in 2014.
• GM Financial reported earnings before taxes (EBIT) of $0.2 billion in the fourth quarter of 2015, compared to $0.1 billion in 2014. Full-year EBIT was $0.8 billion, compared to $0.8 billion in 2014.
