Higher tax expenses and other one-time items trimmed the full-year bottom line by
GM's fourth quarter profits rose by 2% from year earlier to
The fourth quarter was bogged down by
The company's net income rose to
"We have more work to do and our sense of urgency won't let up one bit," Barra said on a conference call. She saw opportunities to build GM's brands, to grow in
Fourth-quarter pretax profit in
GM's chief financial officer,
GM's International Operations division, which includes
"We had a number of challenges in the International Operations outside of
The company has recently lost sales of pick-up trucks to competitors Ford and Chrysler, who have increased discounts on their models.
However, Stevens said GM would stick to its approach of selling cars and trucks on value, rather than price. "What we want is profitable growth," he said.
Stevens warned that the South American market had significantly deteriorated in recent weeks, but did not change the company's outlook for a higher profit there this year.
Executives said GM should see the benefits of its restructuring efforts starting next year and North American margins would rise over the next couple of years.
Stevens attributed the earnings miss to analysts not fully accounting for restructuring relating to plans to close a plant in Bochum,
"Our view is that the sell-side consensus didn't comprehend that restructuring," he told reporters. "The final announcement associated with that wasn't done until early December. Due to that, we needed to book some of the restructuring costs, primarily related to the severance portion of that program."
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