Ad Radar

GM Yearly Profits Down from 2012

By | February 06, 2014
The end of 2013 revealed increased year-over-year profits for many automakers, but unfortunately for General Motors, the company's profits decreased by $1.1 billion. While operating performance was up for the year, taxes and special items ate away any gains that were made. GM CEO Mary Barra, said in a recent statement that "The tough decisions made during the year will further strengthen our operations. We're now in execution mode and our sloe focus will be on delivering results on a global basis." Taking a look at the fourth quarter of 2013, GM profits increased by 3 percent compared to Q4 in 2012. Automotive cash flow hit $2.8 billion from operating activities, while the adjusted automotive free cash flow came in at $1.1 billion, which was unchanged from the previous year. "In 2013, we strengthened our fortress balance sheet and delivered consistent earning, providing the foundation for a quarterly dividend for our shareholders this year. This year we'll leverage our strength in the U.S. and China to execute important restructuring activities in other key global operations," said Chuck Stevens, GM executive vice president and chief financial officer, in a statement. General Motors used 2013 as a year to grow and change, and to set the company up for a year that is sure to turn out more profitable than the last. With new products launching later this year, vehicle sales should also increase. Source: General Motors
 
close