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General Motors (GM) Q4 North American Operating Income Falls Flat

February 14, 2013 11:04 AM EST Send to a Friend
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This morning General Motors (NYSE: GM) reported fourth quarter 2012 financial results. While revenue was strong, weaker than anticipated North America operating income caused some investors to take pause.

General Motors reported revenue of $39.3 billion, topping estimates of $39.14 billion, and exceeded 2011 revenue of $38 billion. GM reported Q4 EPS of $0.48, $0.03 worse than the analyst estimate of $0.51. Again, this was in part a reflection of weaker than expected EBIT-adjusted in North America.

GM North America (GMNA) reported EBIT-adjusted of $1.4 billion in the fourth quarter of 2012 compared with $1.5 billion in 2011.

GM Europe (GME) reported EBIT-adjusted of $(0.7) billion in the fourth quarter of 2012, compared to $(0.6) billion in 2011.

GM International Operations (GMIO) reported EBIT-adjusted of $0.5 billion in the fourth quarter of 2012 compared with $0.4 billion in 2011.

GM South America (GMSA) reported EBIT-adjusted of $0.1 billion in the fourth quarter of 2012, compared with $(0.2) billion in 2011.

Commenting on the results, Deutsche Bank analyst Rod Lache said, "Overall, numbers weren't far off from our estimates. But this result probably won't be interpreted as a positive given weaker-than-expected NA. Guidance was already provided in Detroit. And it appears that 2013 GAAP P&L numbers could be a bit better than previously expected due to the impairment in Europe."




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