GM REPORTS Q4 2014 NET INCOME OF $1.1 BILLION

February 4, 2015 by General Motors

Q4 EBIT-adjusted of $2.4 billion, up from $1.9 billion in 2013

◾Q4 EPS of $0.66 including net loss from special items of $(0.53) per share

◾Full-year net income of $2.8 billion closes fifth consecutive profitable year

◾Full-year EBIT-adjusted of $6.5 billion included $2.8 billion in recall-related costs and restructuring costs of $1.0 billion

◾GM expects to increase its second quarter common stock dividend 20 percent to 36 cents per share

DETROIT – General Motors Co. (NYSE: GM) today announced fourth quarter net income attributable to common stockholders of $1.1 billion, or $0.66 per diluted share, which included a net loss from special items of $0.9 billion or $(0.53) per diluted share. Included in special items during the quarter was an $(0.8) billion reduction to net income attributable to common stockholders related to the redemption of all outstanding Series A preferred shares.

In the fourth quarter of 2013, GM's net income attributable to common stockholders was $0.9 billion, or $0.57 per diluted share, including a net loss from special items of $0.2 billion or $(0.10) per diluted share. Revenue in the fourth quarter of 2014 was $39.6 billion, compared with $40.5 billion in the fourth quarter of 2013.

Earnings before interest and tax (EBIT) adjusted was $2.4 billion in the fourth quarter of 2014, compared with $1.9 billion in the fourth quarter of 2013.

'A strong fourth quarter helped us deliver very good core operating results in 2014 despite significant challenges we and the industry faced,' said GM CEO Mary Barra. 'By keeping our customers at the center of all our decisions, we addressed those challenges head-on and outlined a customer-focused strategic plan that will guide our company well into the future.'

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Full-Year Results

GM reported 2014 full-year net income attributable to common stockholders of $2.8 billion, or $1.65 per diluted share, down from $3.8 billion, or $2.38 per diluted share in 2013. Core automotive operating performance improved in 2014, but results were more than offset by incremental recall and restructuring costs, and a net loss from special items.

Special items during the calendar year impacted full-year net income to common stockholders unfavorably by $(2.4) billion, or $(1.40) per diluted share, compared to an unfavorable $(1.3) billion impact in 2013, or $(0.80) per diluted share.

In 2014, full-year net income was also impacted unfavorably by recall-related pre-tax costs of $2.8 billion, or $(1.07) per diluted share. Income tax expense in 2014 was favorably impacted by recall-related costs and special items.

Revenue increased to $155.9 billion, compared with $155.4 billion in 2013.

Full-year EBIT-adjusted was $6.5 billion, compared with $8.6 billion in 2013. Full-year EBIT-adjusted for 2014 includes the impact of $2.8 billion for recall-related costs and restructuring charges of $1.0 billion.

Based on GM's continued strong results, and consistent with its stated strategy of a strong and growing dividend, the company intends to increase the second quarter dividend on its common stock by 20 percent to 36 cents per share. The decision on the expected dividend increase will be made by the GM Board of Directors as part of the regularly scheduled second quarter dividend declaration procedure.

'Our intention to increase the dividend is consistent with our balanced capital allocation strategy and reflects the confidence we have in the growing strength of our business,' said Barra. 'Our goal is to maximize long-term shareholder value through both stock price appreciation and return of capital.'