GM stock is down after General Motors (GM) posted a weak fourth quarter earnings report that missed expectations by a large margin.
GM reported a profit (before dividends) of $1.04 billion, compared to $1.19 billion for the same period last year. Net income rose to $913 million, or 57 cents a share, from $892 million, or 54 cents a share, in the year-earlier quarter.
Analysts had expected $41.08 billion in revenue for the quarter, though it totaled well off the mark at $40.5 billion.
New CEO Mary Barra remained upbeat in a statement release.
“Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year,” she said. “The tough decisions made during the year will further strengthen our operations. We’re now in execution mode and our sole focus will be on delivering results on a global basis.”
This is GM’s 16th consecutive quarter in the black since its Chapter 11 bankruptcy in 2009.
GM stock is down 13% year to date.