by Burke Speaker | February 6, 2014 9:22 am
GM stock is down after General Motors (GM) posted a weak fourth quarter earnings report that missed expectations by a large margin.
GM made 67 cents per share while analysts were expecting 88 cents, which sent shared down 1.6% yesterday. GM stock is down 2.3% pre-market.
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.
Photo: Chevrolet Debuts 2015 City Express Van
GM Stock: Is General Motors a ‘Dividend Stock’?
Under New CEO, GM Stock Looks Great Heading Into 2014
Source URL: http://investorplace.com/2014/02/gm-stock-profits-miss-general-motors/
Short URL: http://invstplc.com/1nWEyI1
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.