General Motors Reports Net Income of $4.9 Billion For 2012, Down From $7.6 Billion in 2011

General Motors announced this week their 2012 calendar-year net income attributable to common stockholder of 4.9 billion, or 2.92 per fully diluted share. The number is down from $7.6 billion, or 4.58 per fully diluted share in 2011, mainly due to "unfavorable special items according to GM press release.

Revenue increased 1 percent to approximately $152.3 billion, compared with $150.3 billion in 2011.Full-year earnings before interest and tax adjusted was approximately 7.9 billion, down from 8.3 billion in 2011 according to GM.

"We recorded another solid year in 2012 as we grew the business, delivered a third straight year of profitability and took significant actions to put the company on a solid path for future growth," said Dan Akerson, chairman and CEO in the press release. "This year our priorities will be executing flawless new vehicle launches, controlling costs and delivering more vehicles to our customers at outstanding value."

Revenue in the fourth quarter of 2012 overall increased 3 percent to $39.3 billion, which when compared to the fourth quarter of 2011. GM's fourth quarter 2012 net income attributable to common stockholders was $0.9 billion according to GM, or $0.54 per fully diluted share.

Segment Results

GM North America reported EBIT-adjusted of $1.4 billion in fourth quarter of 2012 compared with $1.5 billion in 2011. GM Europe reported EBIT-adjusted $0.7 billion in the fourth quarter of 2012 compared with $0.6 in 2011.

GM International Operations reported EBIT-adjusted of $0.1 billion in the fourth quarter of 2012, compared with $0.2 billion according to the company press release.

"We're pleased with our fourth quarter results, as the business generated strong adjusted free cash flow and we took significant steps to strengthen our fortress balance sheet," said Dan Ammann, senior vice president and CFO in the press release. "Our aggressive vehicle launch cadence and focus on improving the topline, combined with rigorous cost discipline will help us continue to generate strong business results moving forward."

Related Articles:

12 Cruises Canceled By Carnival After Engine Fire, Over 4,000 Passengers Were Stranded (VIDEO)

Apple Cuts Prices For MacBook Pro Laptop By Up To $200, Updates Processors After Disappointing Holiday Sales (VIDEO)

Family Awarded $63M In Motrin Lawsuit Against Johnson & Johnson By Superior Court, Caused Girl To Go Blind, Lose 90 Percent Of Skin

U.S. Safety Regulators Investigating 550,000 Pontiac G6 Cars For Bad Brake Lights, Over 200 Complaints

Rapper DMX Arrested For Driving Without A License In South Carolina With Five-Month Old Daughter In The Car (PHOTOS/ VIDEO)