GM Predicts Modest Earnings Growth in 2013

General Motors Co. will post "modestly" higher earnings before interest and taxes this year, according to CFO Dan Ammann.

Ammann told a Deutsche Bank industry conference in Detroit that GM expects growth in the U.S. and China to offset contraction in the European market.

He says the company anticipates improved results in all three regions, thanks in part to a raft of new models. Ammann notes that in 2012-2013 GM is refreshing a sales-weighted 70% of its U.S. vehicle portfolio.

But global launches of new models also will increase costs this year, including a significant increase in U.S. marketing spending, he adds.

The company aims to achieve a 10% return on sales on an annual basis within the next few years compared with about 7.8% now.