10 am: 58°FMostly Cloudy

12 pm: 65°FPartly Sunny

2 pm: 68°FPartly Sunny

4 pm: 70°FMostly Cloudy

More Weather

GM spending on vehicles, regions dent bottom line

Feb. 07, 2014 @ 12:00 AM

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.



The Herald-Dispatch welcomes your comments on this article, but please be civil. Avoid profanity, obscenity, personal attacks, accusations of criminal activity, name-calling or insults to the other posters. Herald-dispatch.com does not control or monitor comments as they are posted, but if you find a comment offensive or uncivil, hover your mouse over the comment and click the X that appears in the upper right of the comment. If you do not want your comment to post to your personal Facebook page, uncheck the box below the comment.