GM spending on vehicles, regions dent bottom line
DETROIT -- General Motors spent billions last year rolling out new models to update its lineup of cars and trucks and restructuring to fix longstanding problems overseas.
The spending put a dent in GM's bottom line, causing the world's second-biggest automaker to fall short of Wall Street's expectations in the fourth quarter. Still, GM posted a healthy profit as strength in North America and China offset troubles in other areas.
"We clearly have a lot of work ahead to make all of our regions solidly and consistently profitable," new CEO Mary Barra told industry analysts Thursday.
GM's net profit for the quarter rose 2 percent from a year ago to $913 million, or 57 cents per share. Revenue increased 3 percent to $40.5 billion. Excluding one-time items such as a $700 million charge to pull the Chevrolet brand out of Europe, GM made 67 cents per share. But analysts polled by FactSet expected 88 cents on revenue of $40.8 billion.
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