General Motors Co. (NYSE: GM) today announced 2013 calendar-year net income of $3.8 billion, or $2.38 per fully diluted share, down from $4.9 billion, or $2.92 per fully diluted share in 2012. Operating performance improved somewhat during the year, but this was more than offset by a net loss from special items and taxes. Global sales were 9,715,000 vehicles.
The largest U.S. automaker took charges for the withdrawal of the Chevrolet brand in Europe and the closing of its Australian manufacturing operations of -$1.3 billion, or -$0.80 per share, compared to an unfavorable -$0.5 billion impact in 2012, or -$0.32 per share. Full-year results were also hurt by incremental taxes expense of -$1.7 billion or -$1.02 per fully diluted share compared to 2012.
Revenue increased 2% to $155.4 billion, compared with $152.3 billion in 2012. Full-year earnings before interest and tax EBIT adjusted was $8.6 billion, compared with $7.9 billion in 2012. Full-year EBIT-adjusted for 2013 includes the impact of restructuring charges of -$0.4 billion.
Revenue in the fourth quarter of 2013 increased 3% to $40.5 billion, compared with the fourth quarter of 2012. GM’s fourth quarter 2013 net income attributable to common stockholders was $0.9 billion, or $0.57 per fully diluted share, including a net loss from special items of -$0.2 billion or -$0.10 per fully diluted share.
In the fourth quarter of 2012, GM’s net income attributable to common stockholders was $0.9 billion, or $0.54 per fully diluted share, including a net gain from special items of $0.1 billion or $0.06 per fully diluted share.
EBIT-adjusted was $1.9 billion in the fourth quarter of 2013, compared with $1.2 billion in the fourth quarter of 2012. Fourth quarter EBIT-adjusted for 2013 includes the impact of restructuring charges of -$0.2 billion.
