General Motors Company Earnings: Profit Slides
General Motors Company (NYSE:GM) reported its results for the fourth quarter. General Motors develops, produces and markets cars, trucks and parts worldwide.
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General Motors Company Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for the auto manufacturer fell to $472 million (28 cents per share) vs. $510 million (31 cents per share) a year earlier. This is a decline of 7.5% from the year earlier quarter.
Revenue: Rose 3% to $38 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: General Motors Company reported adjusted net income of 40 cents per share. By that measure, the company fell short of mean estimate of 42 cents per share. Analysts were expecting revenue of $38.21 billion.
Quoting Management: “In our first full year as a public company, we grew the top and bottom lines, advanced our global market share and made strategic investments in our brands around the world,” said Dan Akerson, chairman and CEO. “We will build on these results as we bring more new cars, crossovers and trucks to market, and make GM a far more efficient global team. This includes reducing our break-even level in Europe and South America and driving higher revenues around the world.”
The company fell short of forecasts after beating estimates in the previous two quarters. In the third quarter, it topped the mark by 4 cents, and in the second quarter, it was ahead by 33 cents.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the first quarter of the next fiscal year has moved down from 97 cents a share to 86 cents over the last ninety days. The average estimate for the fiscal year is $3.90 per share, down from $3.98 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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