Canada,United States : GENERAL MOTORS reported unexciting performance in 2012 with $4.9b in Net Income [TendersInfo (India)]Al Bawaba Ltd.
The NYSE listed General Motors Co. has revealed in Detroit on last Thursday that the automaker s net income attributable to common shareholders stood at 4.9 billion, or $2.92 for each fully diluted share during the calendar-year 2012. But, the figures are lower from the previous year s $7.6 billion, or $4.58 for each fully diluted share.
According to the company, the poor performance is mainly as a result of adverse special items.
General Motors, which makes Buick, Cadillac, Chevrolet and GMC vehicles, has announced that the special items during 2012 calendar-year has hit the full-year net income to common shareholders adversely, $(0.5) billion, or $0.32 for each share, in comparison with a constructive effect of $1.2 billion in 2011, or $0.70 for each share.
However, there was 1% growth in revenue to $152.3 billion, as against $150.3 billion recorded in 2011, whilst the full-year earnings before interest and tax (EBIT) stood at $7.9 billion after adjustment, down from 2011 s figure of $8.3 billion.
The company has revealed that the full-year EBIT-fine-tuned for 2012 comprises $0.4 billion worth of the streamlining impact.
The GM Chairman and CEO - Dan Akerson, while making remarks on the company s presentation in 2012, stated, We recorded another solid year in 2012 as we grew the business, delivered a third straight year of profitability and took significant actions to put the company on a solid path for future growth.
Regarding the firm s strategy for this yar, he observed, This year our priorities will be executing flawless new vehicle launches, controlling costs and delivering more vehicles to our customers at outstanding value.
According to GM, the company s Q4 revenue grew to $39.3 billion, up 3% from the same quarter of 2011.
GM s net income in Q4 of 2012 attributable to common shareholders stood at $0.9 billion, or $0.54 for each fully diluted share, counting a net gain of $0.1 billion or $0.06 for every fully diluted share from special items.
GM s net income in the Q4 of 2011 attributable to common stockholders stood at $0.5 billion, or $0.28 for each fully diluted share, together with a net loss of $0.2 billion, or $0.11 for each fully diluted share from special items.
The EBIT after adjustment stood at $1.2 billion in the Q4 of 2012, versus $1.1 billion in the Q4 of 2011. The adjusted fourth quarter EBIT for 2012 consists of the restructuring effect of $0.2 billion.
According to GM, the effect of special items on net income of $0.1 billion during Q4 of 2012 contains a non-cash gain of $34.9 billion via delivery of most of the automaker s valuation allowances on the US and Canada deferred tax assets and a connected non-cash goodwill impairment charge of $26.2 billion; a $5.2 billion non-cash impairment of GM Europe long-term assets; and a charge of $2.2 billion for the US salaried pension plan moves.