GM (GM) Misses Q4 Views as Europe Sales Lag; Shows Strong Growth in Asia
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General Motors (NYSE: GM) shares are trading lower Thursday morning following fourth-quarter results which saw an overall miss as weak European sales hampered numbers.
Revenue for the Detroit, MI-based automaker rose 3 percent from $36.88 billion during the same quarter last year to $37.99 billion. The top-line was slightly shy of consensus views calling for revs of $38.2 billion.
Net income fell 8.2 percent to $468 million, or 28 cents per share. Following adjustments for nonrecurring items, GM's earnings came in at 39 cents per share, missing views by 2 cents.
North American sales -- including Canada and Mexico -- rose from 685,000 in the year-ago quarter to 710,000. In Europe, GM's Opel/Vauxhall sales dipped 7.4 percent to 276,000, while overall European sales fell 3.5 percent as Chevy sales showed growth.
In Asia, GM showed the strongest growth with a 9.6 percent increase to 848,000. It's Wuling unit volumes improved 29 percent.
Looking to 2012, GM said it expects "to increase its top-line revenue year-over-year in an expanding global automotive industry. In addition, GM expects continued pricing improvement with cost inflation well contained, while product mix and pension expense are expected to be unfavorable."
Shares are indicated 0.3 percent higher in early trading.
Revenue for the Detroit, MI-based automaker rose 3 percent from $36.88 billion during the same quarter last year to $37.99 billion. The top-line was slightly shy of consensus views calling for revs of $38.2 billion.
Net income fell 8.2 percent to $468 million, or 28 cents per share. Following adjustments for nonrecurring items, GM's earnings came in at 39 cents per share, missing views by 2 cents.
North American sales -- including Canada and Mexico -- rose from 685,000 in the year-ago quarter to 710,000. In Europe, GM's Opel/Vauxhall sales dipped 7.4 percent to 276,000, while overall European sales fell 3.5 percent as Chevy sales showed growth.
In Asia, GM showed the strongest growth with a 9.6 percent increase to 848,000. It's Wuling unit volumes improved 29 percent.
Looking to 2012, GM said it expects "to increase its top-line revenue year-over-year in an expanding global automotive industry. In addition, GM expects continued pricing improvement with cost inflation well contained, while product mix and pension expense are expected to be unfavorable."
Shares are indicated 0.3 percent higher in early trading.
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