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

We’ve Temporarily Removed Comments

As part of our ongoing efforts to make better, faster, and easier for you to use, we’ve temporarily removed comments as well as the ability to comment. We’re testing and reviewing options to possibly bring comments back. As always, thanks for reading