The largest U.S. auto maker in terms of sales General Motors Company (NYSE:GM) announced its results for the fiscal fourth quarter as net income dropped 71% amid currency headwinds and a non-recurrence of one-time advances recorded a year ago, however better pickup-truck and SUV sales in the U.S. pushed the company to its second straight record operating profit for the full year.
The company reported net income attributable to common shareholders of $1.84 billion for the quarter, down from $6.27 billion year over year. GM’s net income in final quarter of 2015 was improved by a large tax gain and other one-time items.
U.S giant said final three months of 2016’s operating profit excluding one-time factors was $1.28 per share, topping analysts’ predictions of $1.17 share.
General Motors Company (NYSE:GM) revenue surged 11% to $43.9 billion, exceeding the average analyst outlook of $41.5 billion. Revenue for the full year surged 9% to a record $166.4 billion.
General Motors said it made $12.5 billion in operating profit for the year, while its annual net profit slipped to $9.43 billion due to the fourth-quarter results.
Meanwhile Company’s prominent U.S. position in highly lucrative pickup-truck and full-size SUVs markets continue to bolster the company’s results amid dipping gas prices and shifting consumer preferences away from passenger cars. It also improved results in China, where the auto maker is selling a richer mix of SUVs and luxury vehicles through its Cadillac brand, although it cautioned of surging pricing pressure in the most populated country in the world.
General Motors (GM) reported an operating loss of $246 million for the final quarter of 2016 in Europe, down slightly year over year.