General Motors said 2013 calendar year net income fell US$1.1bn to $3.8bn due to special items booked in the final quarter such as a $0.7bn charge related to the planned exit of Chevrolet from Europe and a $0.5bn charge related to the scheduled end of manufacturing in Australia. European losses were reduced, however.

Full year earnings per share fell to $2.38 from $2.92 though operating performance – usually the better measure – improved in some areas during the year.

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Special items in total knocked $1.3bn off net income, as there were also additional tax costs of $1.7bn, offset by some smaller gains.

Revenue rose 2% to $155.4bn and full-year earnings before interest and tax (EBIT) adjusted was $8.6bn compared with $7.9bn in 2012. Full-year EBIT-adjusted included restructuring charges of $0.4bn.

“Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year,” said new CEO Mary Barra in a statement covering her first results announcement.

“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.”

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Fourth Quarter Results

Fourth quarter revenue increased 3% to $40.5bn but net income was flat at $0.9bn, or $0.57 per share, including a net loss from special items of $0.2bn.

EBIT-adjusted was $1.9bn in the fourth quarter of 2013, compared with $1.2bn the previous year and included restructuring charges of $0.2bn.

A favourable tax settlement and a gain on the sale of an equity investment in Ally Financial, along with other smaller items, partially offset these charges.

Segment Results

GM North America (GMNA) reported EBIT-adjusted of $1.9bn in the fourth quarter compared with $1.1bn in 2012. Full-year EBIT-adjusted was $7.5bn in 2013 compared to $6.5bn in 2012, a record for earnings in North America.

Based on 2013 financial performance, the company will pay profit sharing of up to $7,500 to about 48,500 US hourly employees.

GM Europe (GME) reported an EBIT-adjusted loss of $0.3bn in the fourth quarter compared to the $0.8bn lost in 2012. The full-year loss was $0.8bn in 2013, compared with $1.9bn in 2012 – a significant improvement.

GM International Operations (GMIO) reported EBIT-adjusted of $0.2bn in the fourth quarter compared with $0.7bn in 2012. Full-year result was $1.2bn, down from $2.5bn in 2012.

GM South America (GMSA) reported EBIT-adjusted break even in the fourth quarter compared with $0.1bn in 2012. Full-year result was $0.3bn compared with $0.5bn in 2012.

GM Financial reported earnings before taxes (EBT) of $0.2bn in the fourth quarter compared with $0.1bn in 2012. Full-year outcome was $0.9bn versus $0.7bn in 2012.

GM expects capital expenditures for 2014 to be approximately $7.5bn.