GM’s Fourth-Quarter Earnings Stall

General Motors Co. netted $913 million in October-December last year, up 2% from the same period in 2012, on record results in North America. Revenue grew 3% to $40.5 billion.

GM's profit before income and taxes climbed 58% to $1.9 billion for the quarter. Cash flow attributed to automotive operations surged to $2.8 billion from $500 million.

But restructuring charges in Asia Pacific and Europe hurt net results. GM booked a cost of $700 million during the quarter related to the exit of its Chevrolet brand in Europe and a $500 million asset impairment connected with its decision to phase out auto production in Australia by 2017.

GM's automotive operations in North America boosted EBIT to $1.9 billion from $1.1 billion in the last quarter of 2012. GM Europe narrowed its pretax loss to $300 million from $800 million.

In South America, pretax profit slipped from $100 million to breakeven in the fourth quarter. EBIT for International Operations plunged to $200 million from $700 million a year earlier. GM says strong results in China were applied to restructuring costs elsewhere.

Fourth-quarter results left the company with full-year net profit of $3.8 billion, down 22% from 2012. Revenue advanced 2% to $155.4 billion. EBIT in 2013 grew 9% to $8.6 billion.

Global vehicle deliveries for the year rose 4% to 9.7 million units. Adjusted free cash flow from automotive operations fell 14% to $3.7 billion. EBIT in 2013, including $1.3 billion in special charges, climbed 9% to $8.6 billion.

Last year the company's North American unit generated a record EBIT of $7.5 billion. GM Europe trimmed its pretax loss to $800 million from $1.9 billion in 2012. Profits from International Operations plunged to $200 million from $700 million, and results in South America fell to $300 million from $500 million in 2012.

GM says its share of the worldwide auto market last year was unchanged at 11.5%.