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UPDATE: General Motors Shares Rise On Upbeat Earnings

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General Motors Co (NYSE: GM) reported stronger-than-expected earnings for the fourth quarter.

The Detroit, Michigan-based company posted quarterly net income of $1.1 billion, or $0.66 per share, compared to $900 million, or $0.57 per share, in the year-ago period. Excluding special items, GM earned $1.19 per share.

Its revenue slipped to $39.6 billion from $40.5 billion. However, analysts were expecting earnings of $0.83 per share on revenue of $40.33 billion.

North America's operating profit climbed to $2.21 billion versus $1.88 billion, while Europe's loss increased to $393 million from $363 million. Operating profit for South America jumped to $89 million, while international operations profit climbed to $396 million from $228 million.

The company ended 2014 with total automotive liquidity of $37.2 billion, versus $38.3 billion at year-end in 2013. At the end of 2014, automotive cash and marketable securities totaled $25.2 billion, versus $27.9 billion, a year ago.

GM announced its plans to raise Q2 dividend by 20% to $0.36 per share.

"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."

GM shares surged 3.33% to $35.11 in pre-market trading.

Posted-In: profitEarnings News

 

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