Business

GM reports lower-than-expected 4Q earnings

Posted February 06, 2014 6:05 am

Associated Press

DETROIT — General Motors’ fourth-quarter profit rose 2 percent from a year ago, but the company fell short of Wall Street expectations.

GM rode record North American earnings to make $913 million, or 57 cents per share. That compares with $892 million, or 54 cents per share, a year ago. Revenue rose 3 percent to $40.5 billion.

Excluding $200 million in one-time items, GM made 67 cents per share. But analysts polled by FactSet expected 88 cents on revenue of $40.8 billion.

For the full year, GM’s earnings fell 22 percent to $3.8 billion or $2.38 per share. Without one-time items it earned $3.18 per share.

GM also announced that 48,500 U.S. hourly workers will get up to $7,500 in profit-sharing checks.

Shares fell 3.7 percent to $33.95 in premarket trading.

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