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.

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“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.