GM Posts 2011 Net Income of $7.6 Billion, Hurt By European Market

General Motors announced today it posted a $7.6 billion net income in 2011. That figure represents a record for the company, but still fell short of analysts’ predictions thanks to an underwhelming performance from its European (Opel/Vauxhall) operations.

GM isn’t alone in this regard. Car sales in the European Union have slid as the region’s financial crisis drags on. Chrysler, which posted $183 million in net income last year, is helping prop up its new parent, Fiat Auto.

GM’s net income comes to $4.58 per fully diluted share, compared with $4.7 billion, or $2.89 per fully diluted share in ’10.
Gross revenues also rose, from $135.6 billion in ’10 to $150.3 billion last year. For the fourth quarter, gross revenue was $38 billion, up $1.1 billion over Q4 of ’10. Net income was steady at $0.5 billion for the fourth quarter.

Adjusted earnings before interest and tax (EBIT) was up $0.1 billion for the quarter, to $1.1 billion, and $8.3 billion for the year, up $1.3 billion from the year earlier.

GM North America’s annual EBIT was $7.2 billion, up $1.5 billion, and was $1.5 billion in the fourth quarter, compared with $0.8 billion a year earlier. GM Europe’s 2011 EBIT-adjusted loss was $0.7 billion, an $0.6-billion improvement from ’10, and Q4 ’11 EBIT-adjusted loss was $0.6 billion, matching a year earlier.

Source: GM